Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged down 20 cents but held above $1,314 after weak Eurozone data and pessimism about a trade deal with China lifted the dollar, dulling demand for alternative assets.

While House economic advisor Larry Kudlow told Fox News that a "pretty sizable distance" remains between the US and China in trade negotiations, reigniting trade war jitters despite ongoing talks. Stocks tank on the news, with the Dow losing 0.9% and the tech-heavy Nasdaq 1.2%.

The dollar rallied for a sixth straight session, adding 0.2% on flights to safety with only the yen trading higher among major rivals. The euro fell after the Eurozone cut its growth forecast for 2019 from 1.7% down to 1.3% because of weaker data from Germany and slowing growth in the glob al economy. A rising dollar pressures gold and other commodities by making them more expensive in other currencies.

The other precious metals were mixed, with silver and palladium rising 0.1% and 0.5%, respectively, while platinum dropped 2%.

At the Comex close: April gold dropped 20 cents $1,314.20; March silver picked up a penny to $15.71; April platinum lost $16.50 to $797.30; and March palladium rose $6.50 to $1,358.10 an ounce, another record close.