Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold surged 1.7% to close at a five-week high near $1,350 as trade-war fears hammered stocks and the dollar, boosting demand for safe-haven assets. The metal ended the week 2.9% higher.

China announced tariffs on $3 billion in US goods in retaliation for President Trump's move yesterday to impose up to $60 billion in penalties against China on what he labeled as unfair trade practices.

US and global equities continued to sell off in response to growing trade tensions between the world's two largest individual economies. The Dow bled another 1.3% after yesterday's tumble of more than 2%, and the Global Dow lost 1.4%.

The dollar dropped another 0.4% as traders flocked to safe-haven currencies like the yen and Swiss franc. The buck lost around 0.8% for the week, marking its first weekly decline since mid-February. A falling dollar typically supports gold and other commodities priced in it for global trade by making them less expensive in other currencies.

The other precious metals were mixed. Silver rose 1.2% today for a weekly rise of 1.9%. Platinum dipped less than 0.1% today and 0.2% this week, while palladium fell 1% for a weekly loss of 1.7%. Both PMGs are tied to industrial demand and suffer on trade-war worries.

At the Comex close: April gold rallied $22.50 to $1,349.90; silver jumped 19 cents to $16.58; April platinum dipped 70 cents to $948.40; and June palladium lost $10.25 to $971.55 an ounce.