Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold slipped 0.6% to close just above $$3,368 despite softening in the dollar as President Trump postponed a decision about entering the war against Iran. Bullion lost 1.8% the week. Silver dropped 2.4% today and 0.8% this week to finish at $35.98 an ounce.

After threats and saber-rattling, including demands for unconditional surrender and declarations that he could kill Ayatollah Ali Khamene at any time, President Trump announced that he would take two weeks to decide whether to use the US military against Iran.

While the situation remains perilous, with Iran and Israel continuing to launch missile strikes against each other, the delay in US involvement eased anxiety about a dramatic escalation in the war.

The dollar rolled back as forex traders felt less urgency for safe-haven currencies, but the buck still gained around 0.6% for the week on flights to safety. A stronger dollar pressures gold and other commodities by making them pricier overseas.

Platinum fell 4.8% but still rose 4.4% for the week. Palladium slipped 0.6% for a weekly rise of 1.3%.

At the New York spot close: gold fell $21.70 to $3,368.10; silver dropped 89 cents to $35.98; platinum shed $63.50 to $1,264; and palladium dipped $5.90 to $1,055.90 an ounce.