Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.3% to close just under $1,283 after political turmoil in the White House boosted demand for safe havens. The metal then doubled its rise after hours, pushing above $1,289 in electronic trade after dovish minutes from the July Fed meeting put the timing of future rate hikes in doubt.

President Trump abruptly disbanded two advisor panels of business leaders today after a wave of CEOs resigned in protest over his comments about the deadly conflict in Charlottesville. The unexpected break with the business community raised new questions about the administration's ability to enact its pro-business agenda, including tax cuts and infrastructure spending, in a timely fashion.

The minutes from the Fed's July meeting, released late in the day, showed senior members suggesting that the central bank "could afford to be patient" about future rate hikes because of persistently low inflation. Some members also said the struggles by the White House to enact policies to boost the economy may also slow rate hikes.

The dollar lost 0.3% after the Trump announcement and dovish Fed minutes, supporting gold and other commodities priced in it for international trade by making them less expensive overseas. Treasury prices rose by the most in three weeks as investors shifted into safe havens.

The other precious metals were also higher, with silver jumping 1.4% while platinum and palladium picked up 0.7% and 2%, respectively.

At the Comex close: December gold gained $3.20 to $1,282.90; September silver rose 23 cents to $16.94; October platinum rose 7.10 to $974.50; and September picked up $18.15 to $910.20 an ounce.