Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold rose 0.1% to close above $1,280 as growing trade-war worries pressured the dollar and boosted demand for safe-haven assets.

The Trump administration announced tariffs on $50 billion in Chinese goods on Friday, prompting a pledge of in-kind retaliation from China. The conflict between the world's two largest economies comes less than a week after President Trump imposed tariffs on Canada, Mexico, and the EU, and accused them of unfair trading practices at the annual G7 meeting.

With global growth already slowing, fears are increasing that recent spats between the US and most of its trading partners may escalate into full-scale protectionism, impeding growth in all nations concerned.

The dollar slid 0.1% against major rivals as traders shifted toward safe-haven currencies like the Swiss franc and Japanese yen. A weaker dollar supports gold and other commodities priced in it for international trade by making them less expensive overseas.

The other precious metals were mixed, with palladium edging up 0.1% while silver and platinum dropped 0.2% and 0.4%, respectively.

At the Comex close: August gold gained $1.60 to $1,280.10; July silver slipped 4 cents to $16.44; July platinum dropped $3.90 to $883.90; and September palladium added $1.10 to $982.90 an ounce.