Gold pricing consolidated in trading today after market participants took gold pricing to the highest daily closing price this year. As of 4 PM EDT gold futures basis the most active December contract is currently trading down $6.30 (-0.42%), and fixed at $1524.50.

As of 4:40 PM EDT gold futures basis the most active December contract is currently up $7.20 and fixed at $1535 per troy ounce. This is a new record close for this calendar year. Although gold futures had traded to an intraday high of $1545 on Monday of this week, the effective close came in at $1514.

Market participants focused on weaker economic data from both the United States as well as globally, which is continuing to create genuine concern about a slowing economy and potential recession. This data coupled with the recent inversion of the U.S. treasury yield curve created a selling frenzy in U.S. equities today.

Gold futures have traded in an expanded price range with the most active December contract trading to a high of $1546.10, and the low of $1488.90, resulting in a trading range of over $57 today. As of 3:50 PM EDT December gold is bid at $1514.50 which is a net decline of $2.70 on the day.

For the first time since November 2011 and May 2012 gold pricing has matched the lows achieved during those months. Looking at a monthly chart we can see that this current rally has taken gold pricing to the highest trading point since April 2013.

Today as President Trump was leaving the White House and headed to New York for another fundraiser he said that there are open communications between the United States and China, and that we are talking although “We are not ready to make a deal. But we’ll see what happens.”

Every day that gold futures remain above $1500 per ounce is strengthening the resolve that the key psychological level of $1500 is becoming a strong area of support.

Both gold and silver futures traded sharply higher today in response to continued concerns that the trade war between the United States and China will get worse before it gets better and any sort of resolution is achieved.

Gold continues to have solid upward momentum gaining value now for the third day in a row. As of 4:30 PM EDT gold futures basis the most active December contract is currently trading up $9.50 and fixed at $1486.00. This puts the precious yellow metal within striking distance of $1500 per ounce, now a mere $14 from that price point. The last time gold traded at $1500 was April 2013.

At its low the Dow Jones Industrial Average was down well over 900 points trading to a low of 25,523.38. Although it closed off of its lows the Dow lost 767.27 points today, which is a net decline of 2.90%, as it settled at 25,717.74. At the same time gold prices surged to the highest trading point over the last six years with December futures trading to a high of $1481.80.