Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold rose 0.4% to close near $1,259, extending its gains to two sessions as the dollar fell again, boosting the attractiveness of alterative stores of value. The metal then eased slightly to $1,257 in electronic trade after the minutes of the June Fed meeting showed little inclination to pause rate hikes.

The dollar fell for a second session, losing 0.2% against a basket of rivals as the euro bounced higher on upbeat economic news in Europe. Industrial orders rose 2.6% in Germany, beating expectations and signaling strength in the the Eurozone's economic powerhouse. A falling dollar supports gold and other commodities priced in it for global trade by making them less expensive overseas.

The softer dollar came despite ADP's report that private payrolls added 177,000 jobs in June, fewer than forecast but still a solid number. May's total was revised 11,000 higher to 189,000. The government's nonfarm payrolls report, considered more authoritative, will be released tomorrow.

The minutes from the June meeting, released after the Comex close, showed the central bankers increasingly with the concerned economic fallout from the protectionist trade policies of the Trump administration. But their worries are not severe enough to signal any intention to pause rate hikes currently. The dollar edged slightly higher and gold slightly lower on expectations for continued gradual hikes.

The other precious metals were mostly higher, with silver and palladium rising 0.3% and 0.5%, respectively, while platinum slid 0.6%.

At the Comex close: August gold gained $5.30 to $1,258.80; September silver added 6 cents, to $16.10; October platinum slipped $4.90 to $841.40; and September picked up $4.70 to $942.70 an ounce.