Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.1% to close under $1,295 as optimism over US-China trade talks lifted the dollar and the Dow, undercutting demand for safe havens.

President Trump said today that negotiations with China are "moving along nicely" and suggested he might use this week's meeting with Vice Premier Liu He to announce a deal-closing summit with China's President. US equities gained on the upbeat trade news, kindling risk appetite and pulling investors away from safe havens, as the Dow added 0.6%.

The dollar picked up 0.2% against major rivals, pressuring gold and other commodities priced in it for global trade. The euro both lost ground after minutes from the March meeting of the European Central Bank showed policymakers discussing aggressive monetary stimulus to bolster the flagging Eurozone, where GDP growth forecasts have been downgraded to 1.1%. The pound slid on Brexit uncertainty ahead of tomorrow's scheduled talks between Theresa May and the Labor Party over alternative plans.

The other precious metals were mixed, with silver and palladium dropping 0.1% and 3.3%, respectively, while platinum rose 3.5%.

At the Comex close: June gold dipped $1 to $1,294.30; May silver lost 2 cents to $15.08; July platinum rose $30.30 to $904.50; and June palladium fell $45.890 to $1,332.30 an ounce.