Daily Gold Update

Source:Dana Samuelson, American Gold Exchange

AustinGold eased 0.5% lower to close the Comex trading session at $1,225.30 as the dollar gained modestly following the easing of tensions between the U.S. and European Union after the U.S. agreed to refrain from imposing tariffs on cars from the EU. The agreement between President Trump and Jean-Paul Junker, announced late yesterday afternoon, represents a significant de-escalation in trade tensions between the U.S. and the eurozone.

Earlier this morning, as expected, the ECB announced there would be no deviation from their June announcement that they would wind down their version of QE at the end of this year and that no interest rate increases would take place until mid-2019. Contrarily, the U.S. has been tightening monetary policy since December 2015, and is expected to announce tomorrow morning it�s best quarterly GDP performance since the summer of 2014. As of this mornings update, the Atlanta Fed GDPNow website estimated second quarter U.S. GDP to be 3.8%, down from 4.5% on July 18th. Since 2011, the U.S. has had only four quarterly GDP prints at 4% or higher, all dated 2014 or earlier.

At the Comex close: August gold fell $6.10 to $1,225.70; September silver eased 9 cents to 15.56; October platinum fell $4.00, to $835.70; and September palladium gained $5.30 to $933.60 an ounce.