Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up 0.1% to finish at $1,291.50, ending a three-session slide as geopolitical tension offset a rising dollar to boost demand for safe-haven assets.

North Korea threatened to call off the pending summit meeting with the US in Singapore next month if Washington insists upon shutting down its nuclear weapons program. The shift in sentiment came after new national security advisor John Bolton demanded a Libya-style denuclearization process in exchange for lifting economic sanctions.

Saber-rattling between President Trump and Kim Jong-un supported higher gold prices earlier this year as traders sought protection from further destabilization and possible military conflict in the region. Pyongyang's sudden volte-face, reaching out for conciliatory talks with the US in recent weeks, had drained some safe-haven premium out of the metal.

The dollar picked up 0.1% against major rivals, with almost all the gain coming against the euro as ongoing Brexit negotiations and the empowerment of vocal euroskeptics in Italy weighed on European sentiment. The populist 5 Star Movement and the hard-right League are preparing an Italian coalition government to push for a possible exit from the EU. Safe-haven currencies like the Swiss franc and Japanese yen rose along with gold on the uptick in global unease.

The other precious metals were mixed, with silver climbing 0.6% while platinum and palladium slid 0.8% and less than 0.1%, respectively.

At the Comex close: June gold gained $1.20 to $1,291.50; July silver rose 10 cents to $16.37; July platinum fell $8.40 to $889.80; and June palladium dipped 70 cents to $982.50 an ounce.