Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold jumped 0.9% to close near $1,268, the highest level since late June, as equities and the dollar tumbled, boosting demand for safe-haven assets.

Wall Street resumed its losses, with the Dow dropping 1.3% and the Global Dow nearly 1.2%, as risk-off sentiment gripped the markets in the wake of yesterday's rate hike from the Fed. Global growth, rising US interest rates, the strong dollar and trade tensions all took their toll, plunging Nasdaq into bear territory and pushing the S&P 500 to 15-month lows.

Also souring investor mood, the Philly Fed manufacturing index fell this month to the lowest point since August 2016, and President Trump threatened to veto a stop-gap spending bill if he does not get funding to build a wall along the US-Mexico border.

The ICE dollar index lost 0.8%, putting it on track for its worst week since last February, as traders digested yesterday's post-meeting statements from the Fed. Forward guidance became more dovish, with the FMOC lowering its forecast to two hikes next year instead of three. And Fed Chair Jerome Powell focused on the headwinds facing the global economy during his press conference, adding to risk-off sentiment.

The other precious metals were mixed, with silver rising 0.3% while platinum dipped 20 cents and palladium dropped 0.8%.

At the Comex close: February gold $11.50 to $1,267.90; March silver 5 cents, to $14.87; January platinum dipped 20 cents to $795.80; and March palladium dropped $9.40 to $1,191.90 an ounce.