Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.8% to close at a one-week high near $1,252 as soft US data and trade pessimism hammered stocks and weakened the dollar, boosting demand for safe havens.

The Empire State manufacturing index fell to the lowest level in 19 months because of trade conflicts and the strong dollar, which makes US goods less competitive overseas. In addition, homebuilder confidence tumbled to the lowest point in more than three years, signaling further declines on the crucial housing market.

The Dow and S&P 500 lost another 2% to mark the worst month-to-date December performance since 1931. Analysts cited rising trade tensions with China and slowing global growth as keys to the selloff. The Dow is now down more than 10% since its peak in early October.

The dollar fell 0.3% against major rivals, receding from last week's 18-month high as traders shifted into safe-haven currencies like the yen and Swiss franc. A weaker dollar typically supports gold and other commodities by making them less expensive in other currencies.

The other precious metals were also higher, with silver rising 0.8% while platinum and palladium added 1.4% and 0.9%, respectively.

At the Comex close: February gold gained $10.40 to $1,251.80; March silver picked up 12 cents to $14.76; January platinum climbed $10.60 to $795.90; and March palladium added $10.40, to $1,182 an ounce.