Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.7% to close under $1,338 as traders took profits from yesterday's 1.4% surge and rebounding risk appetite cut into demand for safe havens.

Stocks rebounded sharply, with the Dow leaping nearly 1.7%, as a solid outlook for corporate earnings trumped trade-war fears. The index had fallen 2.5% in the previous session after China retaliated against US trade barriers for steel and aluminum with tariffs on 108 commodity items. Tech shares also stages a partial rebound, recouping 1% after tumbling 3% following President Trump's twitter attack on Amazon knocked its shares down 5%.

The dollar edged 0.2% higher against a basket of major rivals, pressuring gold and other commodities priced in dollars for global trade. Separately, the IMF reported that global dollar reserves declined to a four year low in Q4 of 2017. Treasury prices declined, boosting yields, as investors shifted toward risk assets.

The other precious metals were also lower, with silver dropping 1.7% while platinum and palladium slid 0.6% and less than 0.1%, respectively.

At the Comex close: June gold slipped $9.60 to $1,337.30; May silver lost 28 cents to 16.39; July platinum dropped $5.20 to $931.30; and June palladium edged down 30 cents to $927.80 an ounce.