Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold edged down 0.1% today, closing under $1,321 despite a weaker dollar, as traders took profits from yesterday's upturn. But the metal finished the week with a 0.5% gain for its first weekly increase in a month as softer inflation clouded the Fed rate view.

The dollar slipped another 0.2% after soft economic data cast further clouded the rate view for the Federal Reserve. Overall consumer sentiment is flat this month while respondents are less optimistic about current circumstances because of higher current-year inflation expectations. Separately, import prices ticked up less than forecast, adding 0.3% with almost all attributable to higher oil prices.

Following yesterday's CPI report showing softer core inflation, today's data raised speculation that the Fed will be little-moved to raise interest rates more than three times this year. Fewer rate hikes will likely pressure the dollar by making it less attractive for forex traders seeking higher yield. In turn, a weaker dollar supports gold and other commodities by making them cheaper overseas.

The other precious metals were mixed on the day but higher for the week. Silver dipped a penny today bit gained 1.5% this week. Platinum edged up 0.1% for a weekly gain of 1.7%. Palladium lost 0.9% but still climbed 2.9% this week.

At the Comex close: June gold dipped $1.60 to $1,320.70; July silver edged down one to $16.75; July platinum added 80 cents, to $925.90; and June palladium dropped $8.70 to $985.20 an ounce.