Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold slipped 1.5% to close under 3,283 as easing trade tensions with China lifted the dollar and eroded demand for safe havens. Bullion slipped 0.8% for the week. Silver fell 1.2% to 33.03 but still scored a weekly rise of 1.9%.

China has exempted some US imports from its 125% tariffs, including pharmaceuticals, while considering lower duties on 131 overall product categories. The move appears to des-escalate the trade war that has all but paralyzed commerce between the world's two largest economies.

Beijing was quick to add that no actual negotiations are taking place with Washington despite President Trump's claims to that effect.

The S&P 500 and Nasdaq rose 0.6% and 1.5%, respectively, on the easing trade tensions. The Dow slipped slightly lower, having fewer tech companies that will directly benefit from lower tariffs.

The dollar rose on the shifting trade outlook, adding 0.1% against major rivals on the way to its first weekly rise in a month. A stronger dollar weighs on gold and other commodities by making them prices overseas.

Platinum slid 0.7% today but was virtually unchanged for the week. Palladium dropped 1.1% for a weekly loss of 2.3%.

At the New York spot close: gold dropped $49.60 to $3,282.40; silver slid 45 cents to $33.03; platinum shed 6.50% to $969; and palladium slipped $10.15 to $962.60 an ounce.