Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up slightly to close at $1,279 as stocks and the dollar both receded, dulling risk appetite and boosting alternative assets.

All three major US equity indexes fell 0.5% as a string of weak earnings reports interrupted risk appetite. Traders also hedged their positions ahead of an imminent announcement by President Trump about the next Fed Chair.

Former Fed governor Jerome Powel and Stanford economist John Taylor are considered the most likely successors to current Chair Janet Yellen. Both are considered more hawkish than Yellen and more likely to elevate short-term interest rates. Higher rates may weigh on stocks by making credit more expensive.

The dollar lost around 0.2% against major rivals, pressured by strength in the pound and euro. Stronger-than-expect UK economic growth powered the former while uncertainty over the course of ECB tightening supported the latter.

The markets largely shook-off some upbeat economic data. Orders for US durable goods jumped 2.2% and new home sales rose to a 10-year high last month.

The other precious metals were mixed, with silver and palladium dropping 0.2% and 0.3%, respectively, while platinum added 0.1%.

At the Comex close: December gold picked up 70 cents to $1,279; December silver dropped 4 cents to $16.93; January platinum added $1.20, to $926.70; and December palladium lost $3.10 to $958.10 an ounce.