Daily Gold Update

Source:Dana Samuelson, American Gold Exchange

AustinGold, silver, platinum and palladium all moved higher, while the dollar was modestly weaker, following news that U.S. inflation remained within expectations in November.

According to the Bureau of Labor Statistics, the November Consumer Price Index came in at 2.18%, down from 2.52% in October, and in line with analyst’s expectations. Year-over-year core CPI (excluding food and energy) was 2.21%, up from last month’s 2.14%. While marginally higher than the Fed’s 2% target, inflationary pressure is not strong enough to push the Fed towards more than anticipated interest rate hikes in the coming months. The dollar eased lower on the news and gold moved 0.2% higher.

Optimism over an easing of trade tensions between the U.S. and China grew with China making their first purchase of 500,000 tons of U.S. soybeans today, their first major purchase since President Trump and President Xi Jinping struck their handshake trade war truce earlier this month. This follows China’s announcement yesterday of reduction of import tariffs on automobiles. This optimism helped to boost downtrodden and commodity driven silver 1.38% and platinum 2.32% higher while palladium renewed its relentless surge, gaining 1.5%

At the Comex close: February gold gained $2.80 to $1,250.00; March silver gained 22.3 cents, to $14.85; January platinum surged $21.60 to $807.10; and March palladium surged to $17.20 to $1,194.50 an ounce.