Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.1% to close under $1,240 as some solid US economic reports supported the outlook for continuing rate hikes from the Federal Reserve.

Retail sales rose another 0.5% last month following May's 1.3% surge, underscoring the strength of the economy. Auto dealers, restaurants, and web stores reported the strongest gains. So far this year, retail sales have risen 6.6%, a little more than average over the past 30 years.

The Empire State manufacturing index slipped slightly in July but still posted a strong reading, signaling that factory output remains on a roll despite pressure from the looming trade war. The Empire State index is seen as a good indicator of the national ISM trend.

The dollar edged lower despite the upbeat data, dropping 0.2% against major rivals as traders cut their long positions ahead of Congressional testimony by Jerome Powell. The Fed chair will speak to the Senate tomorrow and the House on Wednesday, reporting on the state of monetary policy. Any suggestion that the Fed will slow rate hikes because of growing trade concern will likely push the dollar lower.

The other precious metals were also lower, with silver inching down less than 0.1% while platinum and palladium lost 0.5% and 2.1%, respectively.

At the Comex close: August gold dipped $1.50 to $1,239.70; September silver inched down a penny to $15.81; October platinum slid $3.90 to $826.40; and September palladium fell $19.30 to $913.50 an ounce.