Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.5% to close near $1,231 as the dollar receded ahead of trade talks between the US and EU, boosting demand for alternative stores of value.

Jean-Paul Junker, the European Union's top official, met with President Trump at the White House today to quell the burgeoning trade war between the world's two largest economies.

The dollar fell 0.3% against major rivals, led by the euro, as traders hedged their bets that a trade deal could be reached. A falling dollar supports gold and other commodities priced in it for global trade.

The dollar strengthened in recent weeks on speculation that the US economy would emerge relatively stronger from trade wars with Europe and China, in part because we import far more from them than they do from us. An agreement between the US and EU could slow the dollar's momentum.

The other precious metals were also higher, with silver adding 0.4% while platinum rose 0,5% and palladium jumped 2.2%.

At the Comex close: August gold gained $6.30 to $1,231.80; September silver rose 7 cents to 15.59; October platinum added $4.10, to $839.70; and September palladium jumped $19.70 to $928.30 an ounce.