Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.1% but held above $1,300 as the dollar edged higher, supported by upbeat factory data and expectations that the Federal Reserve will raise interest rates against his year.

Speaking at a Group of 30 banking seminar, Fed Chair Janet Yellen signaled coming rate hikes, saying momentum in economic growth "will warrant gradual increases" in short term rates. She qualified that assessment, however, by acknowledging that persistently low inflation remains a wild card.

The Empire State manufacturing index jumped to a three-year high in October, led by growing optimism in the business sector because of an upturn in the global economy. Exports and manufacturing have lagged other sectors in recovering from the Great Recession.

The dollar ticked up 0.1% against major rivals, pressuring gold and other commodities denominated in it for international trade by making them more expensive to users of other currencies.

The other precious metals finished lower, with silver slipping 0.1% while platinum and palladium dropped 0.2% and 0.9%, respectively.

At the Comex close: December gold dips $1.60 to $1,303; December silver slipped 4 cents to $17.37; January platinum dropped $2.20 to $945.70; December palladium lost $9.20 to $976.30 an ounce.