Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold fell 1.1% to close at a two-week low under $1,198 as rising risk appetite dimmed demand for safe-haven assets.

The Dow gained 0.8%, surging past 20,000 to touch an all-time high of 20,082, as speculation resumed over Trump's pro-growth policies. The Global Dow rallied by 1% after Japan's exports rose for the first time in 15 months and earnings for European corporations beat expectations.

The Dow rose from 19,000 to 20,000 in just 42 days behind Trump's campaign promises to vastly increase spending on infrastructure while simultaneously slashing taxes and regulations. Continuation of the rally will depend on whether he can fulfill those promises. Policy details have yet to be divulged.

The dollar fell around 0.3% on lingering concerns that Trump's protectionist stance may damage trade. Recent statements from the President and his Treasury nominee, Steven Mnuchin, signaling a preference for a weaker dollar also weighed on the buck.

The other precious metals also dropped, with silver down 1.1% while platinum and palladium lost 2.6% and 7.5%, respectively.

At the Comex close: February gold dropped $13 to $1,197.80; March silver lost 21 cents to $16.98; April platinum surrendered $26.10 to $981.70; and March palladium plunged $59.75 to $736.10 an ounce.