Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up 0.1% to close at $1,283, a new six-month high, as volatile stocks and a weaker dollar boosted safe-haven assets. The metal ended the week 1.8% higher.

In a volatile session, US equities slid mostly back into the red, with the Dow and S&P dropping 0.3% and 0.1%, respectively, while the Nasdaq added around 0.1%. Worries about global growth, trade wars, and political turmoil continue to gnaw at investor confidence while generally upbeat US economic fundamentals prevent risk appetite from abating completely.

The dollar dipped 0.2% against major rivals as Forex traders opted again for safe-haven currencies like the yen and Swiss franc. The ICE dollar index fell 0.6% for the week. A weaker dollar typically supports gold and other commodities by making them less expensive in other currencies.

The other precious metals were mixed on the day and week. Silver rose 0.5% today for a weekly gain of 4.7%. Platinum dropped 0.5% today and 0.2% this week. Palladium slipped 0.7% but still rose 2.3% this week.

At the Comex close: February gold gained $1.90 to $1,283; March silver added 7 cents to $15.39; April platinum slid $5 to $797; and March palladium dropped $11.10 to $1,185.70 an ounce.