Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 0.8% but held above $1,201 as turmoil in Brexit negotiations rallied the dollar, diminishing demand for alternative stores of value. The metal ended the week 0.1% higher.

Prime Minister Theresa May declared Brexit talks at an impasse after the EU rejected her demand that Northern Ireland receive the same deal as the rest of the UK. The EU wants to impose a regulatory barrier between the region and the remainder of Britain.

The pound plummeted 1.5% on the Brexit blowup as traders worried that Britain could leave the EU with no solid agreements in place, throwing financial relations into chaos. The dollar was the primary beneficiary, rallying 0.4% against major rivals. A stronger dollar pressures gold and other commodities by making them more expensive overseas.

The Dow and S&P 500 extended their gains, with both indexes hitting new record highs on optimism about trade with China. A senior White House official, speaking to reporters on the condition on anonymity, today said that President Trump sees a way forward to resolving the current trade dispute.

The other precious metals mixed on the day but higher for the week. Silver rose 0.4% today and 1.5% this week. Platinum slid 0.6% but held a weekly rise of 1.5%. Palladium dipped less than 0.1% today biut closed the week 7.7% higher.

At the Comex close: December gold fell $10 to $1,201.30; December silver added by 5 cents, to $14.36; October platinum dropped $4.60 to $829.60; and December palladium dipped 10 cents to 1,044.90 an ounce.