Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.4% to close just above $1,488 after upbeat comments from President Trump on trade negotiations lifted risk appetite and damped demand for safe-haven assets. Silver edged up 0.1% to $17.06.

At a cabinet meeting today, the President said trade talks are "coming along very well" and signaled that a deal is likely soon. The remarks came after similar optimism was expressed by China Vice Premier Liu He at a tech conference on Saturday.

Wall Street rose on the news, with tech stocks lifting the S&P 500 and Nasdaq higher by 0.6% and 0.9% respectively. Measured hope for a Brexit agreement also fueled demand as UK Prime Minister Boris Johnson looks to have Parliament vote on his proposal tomorrow.

The dollar edged up 0.1% against major rivals, pressuring gold and other commodities priced in it for international trade by making them more expensive in other currencies. Treasury yields also edged higher with the uptick in risk appetite.

The other precious metals were mixed, with platinum losing 0.4% while palladium added 0.5%.

At the Comex close: December gold slid $6 to $1,488.10; December silver added 2 cents, to settle at $17.60; January platinum dropped $3.70 to $892.20; and December palladium gained $7.70 to $1,725.30 an ounce.