Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.5% to close at a two-week high above $1,308 as IMF projections for slowing global growth undermined stocks and the dollar, boosting demand for safe-haven assets. The metal has gained 1% over the past two sessions.

Cutting its forecast for the third time in sixth months, the International Monetary Fund expects the global economy to grow 3.3% this year, down from 3.5%. The US growth estimate was lowered to 2.3% and the Eurozone 1.3%.

Equities faltered on the IMF projections, with the S&P 500 breaking an 8-day winning streak to fall 0.6%. Also crimping risk appetite, the White House threatened new tariffs on European goods in reaction to subsidies given to Airbus SE, a major aircraft manufacturer.

The dollar slipped against major rivals led by the safe-haven Japanese yen. A softer dollar supports gold and other commodities priced in it for international trade by making them less expensive in other currencies.

The other precious metals were mixed, with silver edging down less than 0.15 while platinm lost 1.5% and palladium picked up 0.7%.

At the Comex close: June gold gained $6.40 to $1,308.30; May silver dipped less than a cent to %15.21; July platinum fell $3.60 to $899.30; and June palladium $9.50 to $1,362.60 an ounce.