Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.1% to close under $1,907 after mixed US economic data and a dimming prospect for additional fiscal stimulus undermined demand for alternative stores of value. The metal ended the week 1% lower, pressured by a rising dollar.

US retail sales jumped 1.9% in September, far more than forecast, led by a sharp rise in purchases of clothing and cars. It was the fifth straight month of increases in this key sector, suggesting solid momentum heading into the fourth quarter despite growing concerns about a coronavirus resurgence.

Separately, consumer sentiment edged up slightly to the highest level since the pandemic began, fueled by optimism that 2021 may bring a stronger economic rebound.

On the other side of the ledger, industrial output fell 0.6% last month for the first decrease since April. Weaker global demand, renewed disruptions in supply chains, and elevated uncertainty about the pandemic were cited as causes for the unexpected decline.

Wall Street hovered between gains and losses, with the Dow adding 0.4% while the Nasdaq fell 0.5% and the S&P 500 broke even. While retail sales data lifted the Dow, the other indexes retreated on rising expectations that fiscal stimulus is dead until after the election.

The dollar slipped 0.2% today but still gained 0.6% for the week, lifted by safe-haven inflows because of rising COVID infections in the US and Europe. A stronger dollar weighs on gold and other commodities by making them more expensive overseas.

The other precious metals were mixed for the day and week. Silver picked up 18 cents but closed the week down 2.8%. Platinum gained 0.9% today but also lost 2.8% this week. Palladium dropped 1.1% but still notched a weekly win of nearly 5%.

At the Comex close: December gold dipped $2.50 to $1906.40; December silver rose 18 cents to $24.41; January platinum added $8, to $869.30; December palladium dropped $24.80 to $2,342.30 an ounce.