Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— December gold futures gained 0.5% to close above $1,334.50 on safe-haven inflows after orders for durable goods tumbled in June. The metal then pushed as high as $1,340 in electronic trade after the Fed left interest rates unchanged.

Orders for long-lasting factory goods dropped by 4% last month, the most in two years and far more than forecast, signaling U.S. manufacturers are continuing to struggle against headwinds created by the strong of the dollar and slowing global growth.

Gold's rise came despite a rising dollar, which jumped 1% against the yen after Japanese Prime Minister Shinzo Abe unveiled a bigger-than-expected $254 billion stimulus program. A higher dollar typically weighs on gold and other commodities denominated in it for international trade by making them more expensive to users of other currencies.

At the completion of its two-day meeting, the Fed kept interest rates unchanged, as widely expected. But their accompanying policy statement appeared to open the door to a possible hike in September, saying that "the labor market has strengthened" since June and "near-term risks to the economic outlook have diminished."

Silver closed with a 1.6% gain just under $20, then pushed as high as $20.22 in electronic trading following the Fed statement. Platinum and palladium gained 2.7% and 1.6%.

At the Comex close: December gold gained $6.50 to close at $1,334.50; September silver gained 33 cents to near $20; October platinum jumped $29.200 to $1,128.20; and September palladium rose $11.10 to $703.90 an ounce.