Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold eased down 0.1% to close at $1,350 after rallies in oil, stocks and the dollar diminished appetite for safe havens.

Crude surged 5% after the Saudi oil minister said OPEC will discuss ways to support prices when it meets again in late September. Separately, the International Energy Agency projected a substantial reduction in global oil reserves in coming months, easing concerns about a worldwide oil glut.

The Dow rallied to a record high, gaining 0.7% behind surging energy stocks and strong earnings from major retailers. The Global Dow added nearly 0.5%. The dollar gained 0.3% against major rivals, tracking pressuring gold and other commodities priced in it for international trade.

Investment demand for gold jumped to record levels during the first half of 2016, according to research from the World Gold Council. Seeking protection from negative interest rates and rising currency risk, global investors bought 448 tonnes of gold in Q1 and Q2, more than double 2015 amounts for the same period. The WGC expects this trend to continue in the second half of 2016, driven by deeper central bank easing, Brexit fallout, and a strong rebound in demand for gold in India.

The other precious metals were mixed, with silver rising 0.7% while paltiunm and palladium dropped 2.2% and 4.8%, respectively.

At the Comex close: December gold eased $1.90 to $1,350; September silver added 15 cents, to $20.02; October platinum slid $26.40 to $1,156.70; and September palladium lost $34.60 to $691.80 an ounce.