Gold News & Info

Source: Dana Samuelson, American Gold Exchange

Austin— The dollar continued to strengthen overnight following Janet Yellen's hawkish comments before Congress yesterday, trading as high as 98.24 on the U.S. dollar index overnight before settling modestly lower at just above 98.00 in New York trading Thursday. Following yesterday's declines, precious metals markets were relatively quiet today in anticipation of tomorrow's U.S. jobs report, which many believe could be a decisive factor in whether the Fed decides to raise interest rates at their December FOMC meeting.

In a move reminiscent of the Fed's September decision not to raise interest rates, the Bank of England declined to raise interest rates today and cut its forecast for growth and inflation in 2016. Reflecting the same economic issues we face in the U.S., the Bank of England cited a stronger currency and cheap energy as reasons for persistently low inflation precluding the need for a rate hike at this time.

"The outlook for global growth has weakened since the August inflation report," the BOE's Monetary Policy Committee said in a statement, referring to its quarterly collection of forecasts. There remain "downside risks" to global prospects, it said, citing a slowdown in China that is rippling through other emerging markets and bearing down on inflationary pressures worldwide.

At the Comex close: December gold slid $2.10 to $1,104.40; December silver dropped 4.3 cents to $15.02; January platinum shed $1.70 to $953.10; and December palladium lost $17.10 to $606.30 an ounce.