Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up 0.1% to close at $1,292 as stocks and the dollar slid on global uncertainty, boosting demand for alternative assets.

The Dow fell more than 0.7% after talks appeared to sour between the US and China, diminishing risk appetite. President Trump said he is "not satisfied" with negotiations to reduce the US trade deficit with the world's second-largest economy. The change in posture comes just a few days after Treasury Secretary Mnuchin raised investor spirits by saying the trade war with China was "on hold."

At the same time, the President cast doubt on the upcoming summit with North Korea, warning that it may not happen after all because of the rogue nation's resistance to giving up its nuclear weapons program.

The dollar dropped 0.2% against major rivals as the shift in rhetoric about China and North Korea added to global uncertainty. A rising UK pound also pressured the buck after the Bank of England said interest rates are likely to rise in each of the next three years. A softer dollar supports gold and other commodities by making them less expensive other currencies.

The other precious metals were mostly higher, with silver and platinum adding 0.3% and 1%, respectively, while palladium dropped 0.4%.

At the Comex close: June gold gained $1.10 to $1,292; July silver rose 6 cents to $16.58; July platinum added $9 to $908.80; and June palladium dropped $3.60 to $986.80 an ounce.