Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.5% to close under $1,226 as the dollar rebounded on expectations that the Fed will continue its path toward rate normalization despite last week's criticism by President Trump.

Treasury Secretary Steven Mnuchin calmed the financial markets by asserting that the White House supports the independence of the Fed. His comments were an effort to soften the President's statement late last week that he was "displeased" with the Fed's rate hikes because they strengthen the dollar and undermine his economic policies.

After plunging 0.6% on Friday, the dollar rebounded 0.3% as traders put aside concerns that the White House could pressure the Fed towards a weak-dollar policy. A rising dollar weighs on gold and other commodities by making them less expensive overseas.

The other precious metals were mixed, with silver dropping 0.8% while platinum and palladium rose 1.5% and 0.3%, respectively.

At the Comex close: August gold slipped $5.50 to $1,225.60; September silver dropped 12 cents to $15.43; September palladium jumped $13.70, to $902.60; and October platinum edged up $1.50 to 831 an ounce.