Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.4% to close near $1,241 as a record trade surplus with China and an upbeat report from the Fed lifted the dollar, pressuring alternative assets. The metal lost 1.2% for the week.

China's trade surplus with the US hit a record in June, underscoring the trade imbalances between the two nations and potentially adding fuel to the growing trade war.

The dollar rose a two-week high against major rivals as traders piled into the perceived safety of the greenback, pressuring gold and other commodities priced in dollar for global trade by making them more expensive on other currencies.

Also supporting the buck, the Fed delivered an upbeat assessment of the US economy to Congress today, saying it is growing but not overheating. The central bank emphasized that rising inflation is not a surprise and that interest rates will continue to rise at a moderate pace.

The other precious metals were also lower for the day and week. Silver dropped 1% today and 1.6% this week. Platinum shed 1.9% for a weekly loss of 2.2%. Palladium fell 1.7 today and 1.6% this week.

At the Comex close: August gold slid $5.40 to $1,241.20; September silver dropped 16 cents to $15.82; October platinum lost $16.10 to $830.30; and September palladium surrendered $16 to $932.80 an ounce.