Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.4% to close at $1,226 as rising equities, a stronger dollar, and falling oil reduced demand for alternative assets. The metal lost 0.3% for the week but rose 0.9% in November, notching its second straight monthly win.

US equities crept higher, with the Dow and Nasdaq both adding 0.6% as risk appetite grew on hopes of a potential trade deal with China. President Trump and Chinese leader Xi Jinping are expected to discuss a détente on tariffs at the G20 meeting in Argentina that begins today. Trade conflicts between the two have created headwinds for corporate profit and global growth in recent months.

The dollar gained 0.5% against major rivals as traders hedged against possible volatility surrounding the G20 meeting. If an agreement is not forthcoming between China and the US, risk appetite is likely to falter and safe-haven demand for the dollar may rise. Also buoying the buck, the pound and euro slid on continuing uncertainty over Brexit and Italy's fiscal conflict with the EC.

Oil fell again, with West Texas Intermediate Crude shedding 1.8% despite reports that OPEC has recommended cutting production by 1.3 million barrels to alleviate the global supply glut. WTI has lost 22% this month.

The other precious metals were down for the day and month. Silver dropped 1.3% today and 1% this month. Platinum fell 2.6% on the day and 5.1% for the month. and 0.6%, respectively. Palladium shed 0.6% for a monthly loss of 8%.

At the Comex close: February gold slid $4.40 to $1,226; March silver dropped 19 cents to $14.22; January platinum lost $21.10 to $799.80; and March palladium slid $6.80 to 1,144.60 an ounce.