AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

11/8/2024: Gold declines on dollar strength

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.4% to close under $2,688 as the dollar rebounded on uncertainty over the economic policies of a second Trump administration, pressuring alternative stores of value. Bullion lost 1.9% for the week, its worst in more than five months. Silver lost 1.3% today and 3.4% this week to finish at $31.36 an ounce.

After easing in the aftermath of the Fed's quarter-point rate cut, the dollar resumed its aggressive rally, adding 0.6% against major rivals to climb near a four-month high. A stronger dollar weighs on gold and other commodities priced in it for global trade by making them pricier in other currencies.

The main driver of the dollar's strong performance is the re-election of Donald Trump, whose campaign policies on tariffs, immigration, and taxes are expected to promote both economic growth and inflation.

Benchmark 10-year Treasury yields fell further as traders hedged against the uncertainty of whether the next Trump term will, indeed, put his campaign promise into practice.

Platinum fell 2.4% for the session and 2.3% for the week. Palladium dropped 2.8% for a weekly decline of 11%.

At the New York spot close: gold slid $10.90 to $2,687.50; silver lost 41 cents to $31.36; platinum gave back $24, $968.80; and palladium retreated $28.50 to $992.20 an once.