Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained for the seventh straight session, surging another 0.9% to close at a three-month high above $1,309 as the dollar fell again, boosting demand for alternative stores of value. Adding 2.5% in December, gold finished the year 14% higher for its biggest annual rise since 2010.

The dollar fell another 0.5% against major rivals to close at a three-month low. Persistently low inflation, political turmoil at home and abroad, and muted traction from rate hikes have hammered the buck for a 10% loss in 2017, its worst annual performance since 2003, when it fell 14%. A weaker dollar supports gold and other commodities by making them less expensive overseas.

Gold was also supported by higher oil prices as crude closed above $60 for the first time in more than two years. Disruptions in supply and cuts in production from OPEC and other major producers are expected to push prices higher in 2018. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were mixed on the day but higher for the year. Silver picked up 0.5% on the day and around 6.5% on the year. Platinum added 0.3% today and around 3.3% in 2017. Palladium fell 0.8% but still jumped a whopping 54% this year.

At the Comex close: February gold surged $12.10 to $1,309.30; March silver rose 8 cents to $17.15; April platinum added $2.50, to $929.40; and March palladium fell $7.55 to $1,055.90 an ounce.