Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold rose 0.2% to close above $1,515 as soft GDP data and simmering political turmoil boosted demand for safe havens.

The US economy grew more slowly in the second quarter than previous thought, with GDP rising at 2%, according to Commerce Department data, down from earlier estimates of 2.1%. Business investment contracted by 1% as companies became increasingly uncertain of the direction of the US-China trade conflict. The slowdown is expected to persist in coming quarters.

Wall Street edged lower after reports that the US companies will be prohibited from supplying Chinese telecom giant Huawei, adding to trade-war worries. The Dow slid 0.1% while the tech-heavy Nasdaq dropped 0.4%.

Safe-haven Treasurys rose along with gold, pushing yield lower as investors sought refuge from uncertainty surrounding the possible impeachment of President Trump. Allegations that he pressured the Ukraine to find information damaging to the presidential prospects of Joe Biden have prompted Congressional Democrats to launch an impeachment inquiry.

The other precious metals were mostly higher, with platinum and palladium climbing 0.9% and 1.9%, respectively, while silver dropped 0.9%.

At the Comex close: December gold gained $2.90 to $1,515.20; December silver lost 16 cents to $17.91; October platinum picked up $8.20 to $936.10; and December palladium rose $31.10 to $1,642.90 an ounce.