Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.6% to close above $1,515 as renewed trade-war worries boosted demand for safe-haven assets. The metal ended the week 1% higher.

Chinese agricultural officials abruptly canceled a trip to visit US farms next week, undercutting optimism for a US-China trade deal. The visit was supposed to be a step toward buying more US farms products, which has been a primary focus for the White House in meetings this week with the Chinese trade delegation.

Earlier in the day, President Trump lifted tariffs on more than 400 Chinese products, saying his representatives are "making a lot of progress" toward a deal. At the same time, however, he dismissed the need for an agreement before the 2020 elections, suggesting tariffs may remain in place for quite some time.

Wall Street turned negative after the visit's cancellation as traders shifted toward a risk-off posture. The Dow lost 0.4% and the tech-heavy Nasdaq 0.7%.

The dollar edged higher by 0.3%, capping gold's gains, as Forex traders speculated that the Fed will be cautious with further rate cuts. This week's quarter-point reduction was accompanied by forward guidance showing deep divisions over further easing, with only 7 of 17 members projecting another cut this year.

The other precious metals were mixed on the day and week. Silver dipped 0.2% but notched a weekly rise of 1.6%. Platinum was nearly flat, edging up slightly today but dropping 1% this week. Palladium rose 0.8% today and 1.5% this week.

At the Comex close: December gold gained $8.90 to $1,515.10; December silver dipped 4 cents to $17.87; October platinum edged up 20 cents to $942.60; and December palladium climbed $12.40 1,625 an ounce, a new record high.