Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold dropped 0.5% to close just under $1,300 as easing tensions in the Ukraine rekindled risk appetite, diminishing demand for safe havens.

Russia and the Ukraine came to an apparent agreement allowing a convoy of 260 trucks to supply humanitarian aid to pro-Russian rebels in disputed Ukrainian territory. The trucks had been stopped at the border since last week on suspicions that they were carrying military aid as a prelude to a Russian invasion. No deal has yet been reached on a cease-fire between government and insurgent troops.

U.S. and global equity markets rallied on the agreement, with the Dow gaining nearly 1% and the Global Dow 0.8%. U.S. stocks were also supported by data showing homebuilder confidence rising to a seven-month high in August. U.S. Treasury bonds fell along with gold, while the dollar rallied, pressuring commodities denominated in the currency for international trade.

The other metals were mixed. Silver gained 0.6%; platinum fell 0.8%; and palladium picked up 0.2%, closing at 13-year high on supply-deficits.

At the Comex close: December gold dropped $6.90 to $1,299.30; September gained 11 cents to $19.64; October platinum fell $11.00 to $1,446.20; and September palladium picked up 40 cents to $894.90 an ounce.