Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold bounced 0.2% higher to close near $1,201 despite a rising dollar as bargain hunters returned to the market after yesterday's 1.6% tumble.

Turkey's currency crisis took a mild breather today, with the lira rebounding slightly against the dollar following measures by the nation's central bank to inject liquidity into Turkish markets. The lira has plunged more than 25% this month behind 15% inflation, an unmanageable foreign debt, and pressure from the US including escalating tariffs.

The dollar rose another 0.4% to a new 14-month high despite the lifted lira as traders continue to hedge against the possibility of eurozone contagion in case of Turkish default. The buck surged 1.3% yesterday on the Turkish selloff, punishing gold and other commodities priced in it for global trade by making them more expensive overseas.

Gold's gains today were capped to an upsurge in risk appetite accompanying the easing of Turkish tensions. The Dow rose nearly 0.5% while the S&P 500 added 0.7%.

The other precious also rose, with silver picking up 0.5% while platinum and palladium added 0.3% and 1%, respectively.

At the Comex close: December gold futures gained $1.80 to $1,200.70; September silver added 7 cents, to $15.05; October platinum rose $2.20 to $801.70; and September palladium rebounded $9.10 to $890 an ounce.