Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold rose for a second session, adding 0.2% to close at $1,221, as escalating trade-war tensions between the US and China pressured the dollar and lifted demand for safe-haven assets.

Following the Trump administration's announcement earlier this week that it will slap additional tariffs of 25% on another $16 billion in Chinese imports, China retaliated in kind today, levying 25% duties on $16 billion in US goods. Both increases will become effective on August 23.

The first round of US tariffs on $34 billion in Chinese goods took effect on July 6. China's exports to the US increased by 11% in July and its trade surplus shrank only slightly, from $28.09 in July from a record $28.97 in June.

The dollar slid 0.1% against major rivals as trade concerns blunted its recent momentum. Stemming the buck's slide, the UK pound plunged to a one-year low on growing jitters about Brexit following trade minister Liam Fox's comments earlier in the week that predicting a 60% chance that no agreement will be reached with the EU before Britain departs next year.

Yields on 10-year US Treasury notes fell 0.4% as investors shifted toward safety considering the escalating trade dispute. Bond yields and prices move inversely.

The other precious metals were mixed, with silver adding 0.4% while platinum and palladium fell 0.2% and 1.8%, respectively.

At the Comex close: December gold rose $2.70 to $1,221; September silver added 6 cents, to $15.43; October platinum dipped $1.90 to $829.50; and September palladium fell $16.50 to $886.40 an ounce.