Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinExtending Tuesday's 1.1% rise, gold added another 0.8% to close above $1,514 in thin holiday trading as traders took some profits from record-high stock markets and hedged against a possible downturn.

Lingering uncertainty about the US-China trade deal and Trump impeachment also lifted safe-haven demand, propelling gold to its highest level in two months.

While both nations have confirmed plans for a signing in January, few details about the "phase one" pact have been released, leading investors to question its ultimate effect on the trade conflict that has sapped both economies over the past 18 months.

Still, exuberance over the prospect of trade detente continued to stoke risk appetite despite what many view as over-valued stock markets. The Nasdaq rose 0.8% to eclipse 9,000 for the first time ever, and the S&P 500 pushed 0.5% higher to another new record.

The dollar slipped 0.1% against major rivals, supporting gold and other commodities priced in it for global trade by making them less expensive overseas.

The other precious metals were also higher, with silver rising 0.8% while platinum and palladium added 1.1% and 0.9%, respectively.

At the Comex close: February gold rose $9.60 to $1,514.40; March silver picked up 14 cents to $17.99; January platinum gained $10.70 to $953.50; and March palladium added $16.80, to $1,868.60 an ounce.