Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold traded nearly flat, inching down 30 cents to close under $1,303 before bouncing back, as tensions from the Group of 7 meeting in Canada supported the metal despite a rising dollar and falling oil. Gold ended the week with a gain of 0.3%.

President Trump lashed out at US allies and trading partners and said he would leave the Group of 7 meeting early, stoking new trade-war worries. He accused Canada and the EU of unfair trade practices and demanded that Russia be readmitted to the group. Russia was banned from the Group of 8 after invading the Crimea and Ukraine.

The dollar edged up 0.1% as traders moved toward safety on trade tensions. Gains against emerging market currencies and the euro, which fell on disappointing German industrial data, were largely offset by losses against the yen, also considered a haven in times of turmoil. The buck still lost 0.4% on the week.

Meanwhile, West Texas Intermediate crude fell 0.5% as traders speculate that OPEC will lift production caps when it meets later this month. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were mixed on the day but higher for the week. Silver dropped 0.4% but held a weekly gain of 1.8%. Platinum rose 0.6% today but dipped 0.1% this week. Palladium dropped 0.4% but held gains of 0.9% this week.

At the Comex close: August gold inched down 30 cents to $1,302.70; July silver fell 8 cents to $16.74; July platinum added $5.40, to $905.70; and September palladium slid $3.90 to $1,005.70 an ounce.