Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— Gold dipped 0.1% to hold above $1,076 after dovish comments from the ECB weakened the euro and boosted the dollar. Despite yesterday's surge of nearly 1%, the metal finished the week 0.4% lower, pressured by expectations of a December rate hike by the Fed.

European Central Bank President Mario Draghi said he will "do what it takes" to lift inflation and spur growth in the Eurozone. Additional quantitative easing and deeper cuts in the ECB's already negative deposit rates will be considered at the central bank's December meeting. Both of these easy money policies will further cheapen the euro.

The euro fell after Draghi's comments, lifting the dollar and eroding gold's earlier gains for the day. A stronger dollar weighs on precious metals and other commodities denominated in it for international trade by making them more expensive to users of other currencies.

Silver and platinum fell harder than gold for the day and the week. Silver finished 0.9% lower for a weekly loss 0.6%. Platinum slid 0.3% on the day and 1% on the week. Outlier palladium jumped 3.3% to post a 3.4% weekly rise.

At the Comex close: December gold dipped $1.60 to $1,076.30; December silver fell 12 cents to $14.10; January platinum slipped $2.20 to $855.90; and December palladium jumped $17.90 to $558.90 an ounce.