Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.7% to close under $1,510 as upbeat data eased trade concerns, stoking risk appetite and prompting traders to take profits from the recent metal's surge.

Chinese exports climbed 3.3% in July compared to a year earlier, strongly beating forecasts and helping to quell anxiety that the global economy is sliding toward recession. Back home, applications for unemployment benefits fell unexpectedly last week, attesting to the underlying strength of the labor market.

Further whetting risk appetite, China stabilized its currency at just above 7 yuan per dollar, softening fears of an imminent currency war. While this level is still the weakest since 2008, it is above Monday's sub-7 level, which caused the White House to label China a currency manipulator.

China devalued the yuan in retaliation for President Trump's announcement of 10% tariffs on another $300 billion in Chinese goods.

Wall Street rebounded sharply on the better data, with the S&P 500 gaining 1.9% and the tech-heavy Nasdaq added 2.2%. Traders pulled profits from gold, which had surged 4.2% this week to a new six-year high just under $1,520.

The other precious metals were mostly lower, with silver and platinum dropping 1.5% and 0.4%, respectively, while palladium added 0.2%.

At the Comex close: December gold fell $10.10 to $1,509.50; September silver dropped 26 cents $16.94; October platinum slid $3.50 to $865.50; and September palladium rose $3.20 to $1,413.50 an ounce.