Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.8% to close above $1,735 despite a stronger dollar as rising tensions between the US and China pressured the Dow and lifted safe-haven assets. The metal still ended the week 1.2% lower as plans for the reopening of much of the US lifted risk appetite.

Beijing moved today to impose new national security laws on Hong Kong in response to recent pro-democracy unrest. The changes would essentially end autonomy for the country, which has been largely self-governing since 1997, when Britain transferred authority back to China after 150 years of colonial rule.

The aggressive decision provoked a sharp rebuke from Washington, re-escalating friction that never fully subsided after last year's bitter trade war. President Trump has vowed "strong action" and the Senate is weighing sanctions against Chinese officials, entities that enforce the laws, and banks that do business with those entities.

The Dow and Global Dow fell 0.2% and 0.6%, respectively on fears that the rising tensions will further undermine trade relations between the world's two largest economies. Treasurys rose alongside gold on flights to safety, depressing yields.

The other precious metals were mixed for the day and higher for the week. Silver added 1.9% for a weekly rose of 3.7%. Platinum jumped 2.3% today and 8.5% this week. Palladium fell 4.1% but still gained 6.4% this week.

At the Comex close: June gold gained $13.60 to$1,735.50; July silver picked up 33 cents to $17.69; July platinum rose $19.80 to $886.30; and June palladium shed $85.20 to $1,977.10 an ounce.