Daily Gold Update

Source:Dana Samuelson, American Gold Exchange

AustinAfter pushing to as high as $1,349 overnight, gold dipped 0.5% today to close the New York session at $1,329.50. Early morning U.S. dollar strength pressured gold modestly lower, despite yesterday�s sharp U.S. stock sell off which drove all major markets into the red overnight and early this morning in Asia and Europe. While gold held steady yesterday, safe-haven was found in the U.S. dollar and treasuries overnight and early in the New York session, holding gold prices in check.

At the New York open the Dow plummeted over 500 points but buyers quickly stepped into the fray, pushing the Dow back into positive territory well before lunchtime. As the New York trading session progressed U.S. equity markets stabilized, and confidence was regained. The Dow surged in late New York trading to close 567 points or 2.3% higher, for its biggest daily percentage gain since November 2016.

In other news the U.S. trade deficit expanded 5.3% to $53.1 billion in December and 12.1% to $566.0 billion for the year 2017, the highest level since 2008. Exports surged to their second highest level on record in a sign that economies are gaining strength worldwide. The widening trade deficit, however, is a drag on U.S. GDP because imports subtract from gross domestic product, which suggests 3%+ annual U.S. GDP may be hard to achieve.

At the Comex close: April gold fell $6.90 to $1,329.50; March silver dropped 9 cents to $16.58; April platinum slid $1.20 to $994.30; and March palladium fell $30.45 to $1,002.50 an ounce.