Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.2% to close at a one-week low under $1,333 as global equities extended yesterday's gains, reducing demand for alternative assets.

Ebbing concerns over North Korea's nuclear activity and Hurricane Irma's impact spurred risk appetite for a second session, sending US and world equities to new highs. The Dow and S&P 500 rose another 0.2% while the Global Dow added 0.3%.

The UN unanimously adopted sanctions against North Korea on Monday in response to its recent testing of ICBMs and nuclear weapons. Meanwhile, Irma was downgraded to a tropical depression after causing less damage than initially feared. Both developments emboldened investors to shift out of safe-haven assets.

Treasury yields rose to 6-week highs as appetite returned for riskier investments.

The dollar edged higher against some major rivals, led by solid rises against the yen and Swiss franc, considered safe-haven currencies. The buck lost ground against the British pound, however, as strong UK inflation data boosted prospects for an interest rate hike from the Bank of England. A rising dollar tends to weigh on gold and other commodities by making them more expensive in other currencies.

The other precious metals were mostly lower, with silver and platinum down 0.1% and 1.2% respectively, while palladium picked up 1.3%.

At the Comex close: December gold slipped $3 to $1,332.70; December silver lost one cent to $17.89; October platinum fell $12.30 to $986.50; and December palladium rose $11.75 to $943.40 an ounce.