Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold surged 1% to close at a four-week high above $1,484 as escalating trade worries damaged risk appetite, undercutting stocks and the dollar while boosting demand for safe-haven assets.

Speaking at NATO today, President Trump rattled markets by saying a trade agreement with China may have to wait until after the presidential election. Frustrated by the lack of progress in talks and apparently confident of his re-election prospects, the President seemed more than willing to extend the trade war for at least another year to get the deal he wants.

The announcement came one day after Trump said he will reinstate tariffs on Argentina and Brazil and levy new duties against France, casting a further pall over an already-slowing global economy.

Equities plunged on the aggressive new trade posture, with the Dow losing 1.2% and the Global Dow nearly 1.5%.

Benchmark 10-year Treasurys rallied alongside gold, knocking yields to the lowest level since August, as investors shed risk. Safe-haven currencies like the yen and Swiss franc rallied against the dollar, supporting gold and other commodities by making them less expensive overseas.

The other precious metals were mostly higher, with silver and platinum jumping 1.7% and 1.3%, respectively, while palladium dipped less than 0.1%.

At the Comex close: February gold gained $15.20 to $1,484.40; March silver rose 28 cents to $17.25; January platinum climbed $11.90 to $911.60; and March palladium edged down $2 to $1,824.40 an ounce.