Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.2% to close under $1,550 as a mild rebound in stocks and the dollar caused traders to take profits from yesterday's 1% surge.

The Dow added 0.9% and the S&P 500 rose 0.4%, led by energy shares after the US Energy Information Agency said domestic inventories dropped to the lowest level in five weeks. Financial stocks also lifted the indexes as bargain-hunters stepped in, responding yesterday's losses because of the deepening yield-curve inversion in Treasurys.

The dollar added 0.2% against major rivals after the UK pound fell 1% on growing Brexit worries. New PM Boris Johnson is seeking to limit Parliament's ability to stop his plan Brexit plan, which could destabilize the currency if no deal is reached by October. A rising dollar pressures gold by making it more expensive overseas.

Gold's losses were backstopped by rising oil and lingering worries about trade. Crude prices gained 1.6% behind weaker inventories, while traders remain wary of slowing global growth and increasing tariffs.

The other precious metals were mixed, with silver and platinum rising 0.9% and 4.7%, respectively, while palladium lost 1.3%.

At the Comex close: December gold dipped $2.70 to $1,549.10; December silver rose 16 cents to $18.46; October platinum jumped $40.70 to $908.90; and December palladium dropped $18.50 to $1,462.50 an ounce.