Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.3% to close under $1,275, the lowest level this year, as ongoing dollar-strength and a rally in tech stocks superseded trade concerns, reducing demand for alternative assets.

The S&P 500 picked up 0.3%, stemming a three-day side, and the Nasdaq rallied nearly 0.9% as trade-war worries with China ebbed slightly. Threats by the Trump administration to add another $200 billion in tariffs on Chinese goods, which shook up the markets earlier this week, are increasing being seen by traders as a negotiating tactic, easing worries.

The dollar edged 0.1% higher as demand for safe-haven currencies like the yen and Swiss franc subsided. The euro remined under pressure, however, following ECB chief Mario Draghi's comments yesterday that quantitative easing may be extended past December if growth and inflation falter. A stronger dollar typically weighs on gold and other commodities by making the more expensive overseas.

The other precious metals were mixed, with palladium and silver dropping 0.3% and less than 0.1%, respectively, while platinum rose 1.1%.

At the Comex close: August gold lost $4.10 to $1,274.50; July silver dropped a penny to $16.31; July platinum rose $9.10 to $874; and September slid $3.10 to $957.20 an ounce.