Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold dipped 0.3% to close under $1,191 as upbeat U.S. economic data and plunging oil prices reduced demand for alternative assets.

The Commerce Department reported that GDP rose 3.2% in the third quarter, the most since Q2 2014, behind strong spending and exports. Comprising roughly 70% of the economy, consumer spending rose 2.8% while business investment and exports both jumped 10.1%. In a separate report, consumer confidence jumped in November to pre-recessions levels.

Oil tumble 4% to a two-week low near $45 per barrel as doubts mounted about whether OPEC will agree to cut production when it meets in Vienna this week. Prices picked up yesterday after Iran and Iraq said they would hold output steady, but optimism fell apart today over conflicts between those nations and Saudi Arabia over the implementation of output reductions. Gold often trades in sympathy with oil as a hedge against energy inflation.

The other precious metals were mixed, with silver and palladium adding 0.4% and 0.7%, respectively, while platinum dropped 0.2%.

At the Comex close: February gold dropped $3 to $1,190.80; March silver gained 7 cents to $16.74; January platinum dipped $2.50 to $920.80; and March palladium added $5.15 to $763.15 an ounce.