Daily Gold Update

Source:Dana Samuelson, American Gold Exchange

AustinGold regained its footing today, edging slightly higher following yesterday�s profit taking correction. In a sign of rotation within the precious metals sector following gold�s correction Wednesday, silver, platinum, and palladium all ripped higher overnight in London market trading which continued into today�s New York session. And these moves higher came despite a sharp, upward revision in Q2 US GDP quarterly growth which, in turn, boosted the dollar and US treasury yields.

The BEA revised US GDP for Q2 sharply higher this morning, from 3.3% to 3.8%. Personal spending and exports made the biggest contributions to the upward revision. Sharply higher Q2 exports narrowed the trade deficit, which contributed a record 4.83% to Q2 GDP, compared to tariff front running imports which increased the trade deficit and sliced 4.68% off Q1 GDP, which netted out at -0.6%. Q2�S 3.8% expansion is the strongest quarterly growth since Q3 of 2023, signaling the US economy remains resilient despite perky inflation and declining employment.

The US dollar index, which measures the dollar against a basket of international currencies, rose 0.54 to 98.41 and US Treasury yields gained as well, with the 10-year edging up 0.04 to 4.19%. A stronger dollar and rising yields usually pressure gold lower, but not today.

In electronic trading after the New York market close, gold gained another $20, trading as high as $3,761. Silver added another 30 cents, punching over $45.00 for the first time in New York trading since 2011, to as high as $45.21. Platinum and palladium both edged slightly higher as well, $3.50, and $2.00 respectively.

At the New York spot close: gold gained $4.80 to $3,736.90; silver popped 92 cents higher to $44.70; platinum surged $46.20 to $1,530.70; and palladium gained $41.57 to $1,262.97 an ounce.