Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.6% to close above $1,246, the highest finish since late July, as equities tumbled on skepticism about the US-China trade détente and worries about the flattening US yields curve, boosting demand for safe-haven assets.

All major US indexes plunged more than 3%, logging their worst day in a month, as yesterday's optimism over the agreement between China and the US to freeze tariffs for 90 days gave way to concern that little concrete headway has been made toward a longer-term solution to the burgeoning trade war.

Also pressuring stocks, yield curves for 3-year and 5-year Treasurys inverted, signaling pessimism for the US economy over slowing global growth, trade conflicts, and higher US interest rates. The spread between 2-year notes and 10-year is now the flattest in 11 years.

The dollar dipped 0.1% on the yield-curve news, boosting gold and other commodities priced in it for global trade.

The other precious metals were mostly higher, with silver and palladium rising 1% and 1.3%, respectively, while platinum slid 0.8%.

At the Comex close: February gold gained $7 to $1,246.60; March silver added 14 cents, to $14.64; January platinum slid $6.50 to $804.20; and March palladium climbed $14.60 to $1,180.20 an ounce.