Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold edged down 0.1% to close under $1,933 after a climb in headline consumer inflation gave a slight boost to the dollar, pressuring alternative stores of value.

The consumer price index for August rose 0.6%, lifting the 12-month inflation rate to 3.7% from 3.2% in July. But more than half the increase came from sharply higher gasoline prices. Excluding volatile energy and food costs, the so-called core CPI rose 0.3% for the month while the 12-month core rate fell to 4.3%, the lowest level in 22 months.

Benchmark 10-year Treasury yields receded to 4.26% after the CPI print as traders speculated that broadly lower core inflation will prompt the Fed to keep rates unchanged when it meets next week. Fed fund futures now see a 97% likelihood of a pause, up from 93% before the data.

The dollar picked up less than 0.1% against major rivals on the higher-than-expected headline CPI number. A leaked inflation forecast by the European Central Bank increased the odds of another Eurozone rate hike, lifting the euro.

The other precious metals were mixed, with silver and platinum sliding 0.9% and 0.8%, respectively, while palladium picked up 1.2%.

At the Comex close: December gold dipped $2.60 to $1,932.50; December silver shed 22 cents to $23.18; October platinum dropped $7.60 to $905.20; and December palladium picked up $15.50 to $1,260.80 an ounce.