Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.3% to close at a two-week high near $1,260 as political uncertainty in the UK and ongoing trade-war worries spurred safe-haven demand.

The UK's chief Brexit negotiator, David Davis, resigned after PM Theresa May pushed forward with a proposal to keep Britain's economy closely linked with the EU. Soon thereafter, Boris Johnson resigned as Foreign Secretary, reopening the possibility that May's government could collapse over its failures to settle the terms of Brexit, which is due in eight months.

The UK pound floundered on the deepening crisis, helping the dollar to a slight gain of 0.1% against its major rivals. The buck has lost 0.5% in July, supporting gold and other commodities priced in it for global trade by making them less expensive overseas.

Brent crude oil spiked 1.2% higher to more than $78 per barrel because of production shortages from Libya, Venezuela, and Iran. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

Gold rose last week as the US imposed new tariffs on China and both nations ramped up threats of additional trade penalties.

The other precious metals also rose, with silver adding 0.4% while platinum and palladium picked up 0.6% and 0.8%, respectively.

At the Comex close: August gold gained $3.80 to $1,259.60; September silver added 7 cents, to $16.14; October platinum rose $4.90 to $853.50; and September palladium climbed $7.10 to $954.70 an ounce.