Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold was little changed, edging down $1 close at $1,508.50, as the market consolidated a strong week. Driven by escalating trade war tensions, dovish central banks, and slowing global growth, the metal added 3.5% for its biggest weekly rise since late June.

President Trump said today he is not ready to make a deal with China, and trade talks scheduled for September might be canceled. He also said the US would continue to refrain from dealing with Chinese telecom giant, Huwaii Technologies.

The comments punctuated a week during which the White House labeled China a currency manipulator for devaluing the yuan, which came after last week's threat to impose 10% tariffs on another $300 billion in Chinese goods.

Wall Street fell as investors braced for a new phase in the year-old conflict between the world's two largest economies. The S&P 500 slid 0.5% while the tech-heavy Nasdaq lost 0.8%.

The dollar slipped 0.1% against major rivals as investors continue to shift toward safe-haven currencies like the yen and Swiss franc. President Trump ramped up pressure on the Fed, demanding the central bank cut rates by a full point to help US exports. The buck closed the week 0.6% lower.

Central banks in India, New Zealand, and Thailand cut benchmark rates this week to stimulate their flagging economies, reflecting concerns that the increasingly bitter trade dispute between the US and China could push the global economy toward recession. New Zealand's half-point reduction to a record-low 1% was especially unexpected.

The other precious metals were mixed for the day but higher for the week. Silver inched down less than 0.1% today but rose 4.1% this week. Palladium slid 0.4% on the day but gained 1.5% on the week. Palladium added 0.4% for a weekly rise of 1.2%.

At the Comex close: December gold slipped $1 to $1,508.50; September silver dipped a penny to $16.93; October platinum lost $3.70 to $863.80; and September palladium rose $5.80 to $1419.30 an ounce.