Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.4% to close under $1,263 on profit-taking as the dollar rallied behind concerns about a partial government shutdown, cutting demand for alternative stores of value. The metal still finished the week 1.7% higher on safe-haven inflows driven by crumbling US equity markets.

President Trump has vowed to shut down the US government over funding for his border wall. House Republicans passed a budget including more than $5 billion for the wall, but the Senate appears unlikely to follow suit. A partial shutdown of nonessential agencies will begin at midnight tonight unless a spending resolution is passed.

US stocks extended their losses on the shutdown fears along with rising interest rates and slowing global growth. All three major indexes are heading for weekly losses of between 5% and 7%.

The dollar gained 0.6% against major rivals as concerns about the shutdown rattled financial markets. The buck is on track for a 0.6% weekly loss, pressured by the Fed's dovish outlook for 2019 forecasting two rather than three rate hikes.

The other precious metals were mixed for the day and week. Silver dropped 0.7% today for a weekly gain on 0.9%. Platinum was flat for a weekly rise of 1.3%. Palladium fell 2.8% today and 1.2% this week.

At the Comex close: February gold slid $5.20 to $1,262.70; March silver dropped 10 cents to $14.77; January platinum was flat at $795.80; and March palladium fell $33.20 to $1,158.70 an ounce.