Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged lower for a second day, slipping 0.2% to close at $1,412, as muted trade-war optimism whetted risk appetite and dulled demand for safe-haven assets.

The China Morning Post reported the U.S. and China have reached a tentative détente in their vexing trade war as President Trump and his counterpart, Xi Jinping, prepare to meet on Saturday at the G-20 summit in Japan. Hopes for a deal were slightly diminished, however, after White House economic advisor Larry Kudlow said the U.S. may impose new tariffs anyway.

Still, the news was good enough to spur a broad-based rally in U.S. equities, pushing the S&P 500 higher by 0.4% and the tech-heavy Nasdaq up 0.7%. The dollar traded sideways, wobbling between small gains and losses.

Gold has risen more than 6% in the past on week trade concerns, tensions with Iran, and expectations that the Fed will cut interest rates in July, perhaps by a half-point, to offset slowing growth.

The other precious metals were mostly lower, with silver and platinum sliding 0.5% and 0.6%, respectively, while pallidum rose 0.9%.

At the Comex close: August gold slid $3.40 to $1,412; September silver dropped 8 cents to $15.29; October platinum lost $4.50 to $817.50; and September palladium rose $13.20 to $1,538.90 an ounce.