Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.3% to close at $1,224 as the dollar extended its gains on upbeat economic data, curtailing appetite for alternative stores of value.

The Conference Board's index of Leading Economic Indicators rose 0.5% in June after posting no gain in May, signaling solid momentum in US growth. Nine out of ten segments of the economy were strong. Only housing showed weakness, pressured by rising materials costs and labor shortages.

Manufacturing in the Philadelphia Fed region ticked higher, following the New York region earlier this week. Both are considered weathervanes for the national ISM report on factory output, due August 1, though the fallout from rising trade barriers between the US and major trading partners may begin to be felt.

And in another sign of economic vitality, new jobless claims fell to a 48-year low last week as employers struggle to find workers.

The dollar initially climbed on the upbeat data as traders speculated that the upbeat data will encourage the Fed to raise interest rates twice more this year. But the buck fell into losses after President Trump criticized the central bank for raising rates, saying it undercuts his economic agenda. Gold pared its losses on the President's statement.

The other precious metals were also lower, with silver dropping 1.1% while platinum and palladium fell 1.4% and 4%, respectively.

At the Comex close: August gold slipped $3.90 to $1,224; September silver lost 17 cents to $15.40; October platinum slid $11.50 to $806.30; and September palladium dumped $35.60 to $866.20 an ounce.