Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold inched higher, adding 60 cents to close at $1,284, as equities and the dollar remained under pressure, supporting demand for alternative assets.

Wall Street was mixed, with all three major indexes fluctuating between small gains and losses as optimism over corporate earnings was offset by pessimism about China and the US government shutdown. Blue-chip firms like P&G and IBM posted solid quarterly results

But investors remain wary of deepening China trade tensions, slowing growth, and the growing discord in Washington between President Trump and House Democrats over reopening government. Chief White House economic advisor Kevin Hassett said today that the shutdown may result in zero growth this quarter.

The dollar slipped 0.2% against major rivals led by the UK pound, which surged again on rising expectations that Brexit will be delayed beyond March, rather than risk a break from the EU with no trade deal in place.

Gold's gains were capped by falling oil prices after reports that the EU will launch a trade mechanism that enables it to by-pass US sanctions on trading with Iran. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were also higher, with silver rising 0.4% while platinum and palladium picked up 0.7% and 0.1%, respectively.

At the Comex close: February gold added 60 cents, to $1,284; March silver rose 6 cents to $15.38; April platinum gained $5.20 to $796.40; and March palladium picked up $1.70 to $1,308.20 an ounce.