Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold was little changed, edging down 40 cents to close near a 6-year high near $1,538, as stocks and the dollar rebounded on hopes for progress in the US-China trade war. The metal rose to an intraday high of $1,565 before sliding back on profit-taking and rising risk appetite.

Speaking at the G-7 meeting in France, President Trump said China had reached out by phone to resume trade negotiations, adding that China "wants very badly" to get a trade deal. Spokesmen for the Chinese Foreign Ministry disputed these assertions but affirmed Beijing's desire to reach an agreement via "calm" negotiations.

The conciliatory comments rallied Wall Street, pushing the Dow and Nasdaq higher 0.7% by 1%, respectively, on hopes that recent escalations in the year-old trade war will settle down. Last week, the US levied an additional 5% in tariffs on $550 billion in Chinese imports after China announced tariffs on $75 billion in US goods.

The dollar also rose with the reduction in trade tensions, adding 0.4% against major rivals. The buck had fallen to more than a 2-year low against the safe-haven yen overnight in response to last week's tariff increases. A falling dollar supports gold and other commodities priced in it for global trade by making them less expensive overseas.

The other precious metals were higher, with silver rising 1.2% while platinum and palladium picked up 0.3% and 1.2%, respectively.

At the Comex close: December gold inched down 40 cents to $1,537.20; September silver rose 23 cents to $17.64; October platinum picked up $2.50 to $857.80; and September palladium climbed $18 to $1,472.30 an ounce.