Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.2% to close at $1,211.50 despite a slightly lower dollar as upbeat GDP data boosted risk appetite, eroding demand for safe havens.

US economic growth in the second quarter was even stronger than estimated, with GDP revised upward to 4.2% from the 4.1% originally reported. Increases in government spending and business investment, the latter fueled by the biggest tax cut in 31 years, accounted for the uptick.

Extending yesterday's rally, the S&P 500 and Nasdaq added 0.6% and nearly 1%, respectively, hitting new record highs, while the Dow and Global Dow each rose 0.2%. Global risk appetite built on yesterday's news that the US and Mexico have reached a preliminary trade agreement as a first step toward revising NAFTA.

Limiting gold's slide, the dollar receded by 0.1% as the UK pound rallied on positive Brexit news. The EU's top negotiator, Michel Barnes, said Britain would be offered an unprecedented relationship with the union it is leaving, easing anxiety that Brexit would occur next year without an agreement in place.

The other precious metals were mixed, with silver dropping 0.5% while platinum and palladium added 0.1% and 2%, respectively.

At the Comex close: December gold slid $2.90 to $1,211.50; December silver lost 8 cents to $14.70; October platinum picked up $1.30 to $796.60; and December palladium jumped $19.10 to $954.30 an ounce.