Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.2% to close above $1,208 as positive developments in US-China trade talks boosted risk appetite, dimming demand for safe havens.

The US has reached out to China to restart trade negotiations, according to Bloomberg, with an invitation to meet in Washington. The news blunted fears that an escalating trade war, fueled by President Trump's threat last week to extend tariffs to all $267 billion in Chinese imports and China's vow to retaliate in kind, will harm corporate profits and global growth.

Equities bounced higher on the trade news, with the Dow and S&P 500 adding 0.5% while the Global Dow rise 0.7%. Tech stocks led the way, boosted by Apple's introduction of several new iPhones.

Consumer inflation slowed in August, with the Consumer Price Index rising 0.2%, less than forecast. The core CPI, stripping out volatile food and energy costs, also rose 0.2%. Over the past 12 months, core inflation has dropped from 2.4% to 2.2%. Following yesterday's reported drop in Producer Price Index, the CPI data eases pressure on the Fed to hike twice more this year.

Gold initially rose to an intraday high of $1,218 on the inflation news before receding as traders took profits and shifted toward risk assets. The dollar slipped 0.3% against major rivals, backstopping gold, on easing trade tensions and softer inflation.

The other precious metals were mixed, with silver sliding 0.3% while platinum and palladium added 0.4% each.

At the Comex close: December gold slipped $2.70 to $1,208.20; December silver slid 5 cents to $14.24; October platinum rose $3.40 to $803.30; and October palladium picked up $3.70 to $968.70 an ounce.