Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up 0.1% to close above $1,331 as renewed US-China trade tensions undermined stocks and the dollar, boosting alternative stores of value.

One day after declaring his intention to impose 25% duties on products from China if President Xi Jinping does not offer concessions at the G-20 summit later in June, President Trump today defended tariffs as "a great negotiating tool." China responded in kind, vowing to "resolutely respond and fight to the end" if the trade war escalates further.

US stocks sagged on the renewed friction, with all three major indexes dipping slightly after yesterday's solid rally following the resolution of conflict with Mexico. Responding to President Trump's threat to impose 5% tariffs per month if measures weren't taken to stem the flow of immigrants, Mexico promised to reinforce its border with national guard troops.

The dollar also dipped 0.1% as risk appetite waned, supporting gold and other commodities priced in it for global trade. US Treasury yields dropped as investors returned to safe havens.

The other precious metals were also higher, with silver rising 0.7% while platinum and palladium climbed 1.1% and 0.2%, respectively.

At the Comex close: June gold added $1.90, to $1,331.20; July silver picked up a dime to $14.74; July platinum climbed $9.10 to $814.30; and September palladium rose $2.40 to $1,389.20 an ounce.