Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.2% to close near $1,192 as worries about the global economy pressured the dollar, boosting demand for safe-haven assets.

The IMF downgraded its forecast for global growth in 2018 and 2019 to 3.7% because of weakness in advanced economies, higher prices, and headwinds from rising trade tensions. The US, Eurozone, UK, Japan, and China all project substantially slower growth next year, according to the IMF's model.

The dollar slipped 0.2% against major rivals, led by the pound and yen, on continuing worries about the Italy's banks and budget. The yield on Italian government bonds jumped to a 3% premium over safe-haven German paper on concerns about Italy's fiscal solvency, given the government's insistence on setting its budget deficit at 2.4% of GDP, far higher than allowed by its EU creditors.

Yields on benchmark 10-year US Treasury notes retreated from a seven-year high, which also weighed on the buck.

The other precious metals were mixed, with silver rising 0.5% while platinum and palladium fell 0.7% and 0.6%, respectively.

At the Comex close: December gold gained $2.90 to $1,191.50; December silver added 7 cents, to $14.40; January platinum lost $6.20 to $828.90; and December palladium fell $6.80 to $1,062.10 an ounce.