Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.6% to close under $1,505 after upbeat comments from the White House on US-China trade negotiations dulled demand for safe havens.

Deputy trade negotiators from each nation resume talks today in Washington, hoping to move closer toward resolving the 15-month trade war that has slowed growth in both economies. White House economic advisor Larry Kudlow said that recent statements from Beijing have been positive and progress on a trade pact may be made by the end of the week.

Wall Street overcame early losses as Ludlow's comments improved risk sentiment. Meanwhile, Treasury yields rose as traders speculated that President trump may be more inclined to accept a partial trade deal considering slowing growth and rising political tensions at home.

The dollar added nearly 0.2% against major rivals, pressuring gold and other commodities denominated in it for global trade by making them more expensive overseas.

The other precious meals were mixed, with silver dropping 0l5% while platinum and palladium each added 0.2%.,

At the Comex close: December gold slid $8.50 to $1,504.40; December silver dropped 9 cents to $17.54 January platinum picked up $1.40 to $888.30; and December palladium rose $3.90 to $1,646.30 an ounce.