Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up 0.1% to close near $1,207 despite a rising dollar as escalating trade-war tensions between the US most major trading partners supported demand for safe havens. The metal ended the week down 0.5% and the month down 2.2%.

President Trump pressed his America First credo with a vengeance, dismissing an offer from the European Union to eliminate tariffs on cars as "almost as bad as China," and breaking off trade talks with Canada while asserting that any agreement would "be on US terms." At the same time, the US is reportedly set to expand tariffs on China to $200 billion in goods from the current $50 billion.

The dollar rallied 0.4% against major rivals as forex dealers sought safety from trade-war fallout and lingering concerns about currency crises in Turkey and Argentina, despite a rebound in both emerging markets. The buck closed the week virtually flat while adding 0.7% for the month of August.

A rising dollar typically pressures gold and other commodities priced in it for global trade by making them more expensive overseas. Today both assets rose together, however, on safe-haven demand.

A pair of downbeat economic reports also supported gold. Consumer sentiment dropped to its weakest reading of the year, according to the University of Michigan survey, as Americans are growing concerned about tariffs causing higher prices. And the Chicago Fed Region PMI weakened in August, following most other regional factory reports.

The other precious metals were mixed. Silver slid 0.3% today for a monthly loss of 7.1%. Platinum dropped 0.6% today and 6.6% this month. Outlier palladium gained 1% today for a 4.5% August rise.

At the Comex close: December gold edged up $1.70 to $1,206.70; December silver lost 3 cents to $14.56; October platinum dropped $4.70 to $787.10; and December palladium gained $9.20 to $969.90 an ounce.