Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.2% to close above $1,278 as the dollar held near a two-week high and the Dow surged on strong earnings, reducing demand for safe havens.

The dollar added 0.1% against major rivals as reports that the Eurozone economy is slowing in the fourth quarter weighed on the euro. The ECB meets this week to discuss monetary policy, specifically whether to reduced monetary stimulus.

The buck also enjoyed support from speculation that President Trump will appoint a hawkish replacement for Janet Yellen as Fed Chair. Trump tweeted that he is "very, very close" to making the announcement. The frontrunners are likely former Fed governor Jerome Powell and Stanford economist John Taylor, both of whom are expected to raise interest rates more quickly.

The Dow surged 0.7% for its biggest daily percentage gain in more than a month after blue-chips firms like 3M and Caterpillar announced strong earnings, fueling optimism about the economy.

The other precious metals were mostly lower, with silver and platinum dropping 0.6% and 0.2%, respectively, while palladium added 1.2%.

At the Comex close: December gold dipped $2.60 to $1,278.30; December silver lost 11 cents to $16.97; January platinum slid $1.70 to $925.50; and December palladium gained $11.70 to $961.20 an ounce.