Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 0.8% to close under $1,489 as easing trade-war and Brexit tensions fueled risk appetite, dulling demand for safe havens. The metal lost 1.6% for the week in its biggest weekly decline since March.

The US and China have reportedly reached a limited pact that will ratchet down their 15-month trade war. While details are vague, the deal apparently involves some "agricultural concessions" from China in exchange for "some tariff relief" from the US.

Despite the seeming smallness of the deal, Wall Street cheered the progress toward détente in a conflict that has damaged both sides and slowed the global economy. The Dow rose 1.8% while the Global Dow added 3%.

Adding to the optimistic outlook, Britain and the EU are reportedly making headway in secret negotiations toward an orderly Brexit ahead of the October 31 deadline.

The dollar fell 0.4% to a three-week low against major rivals led by the euro, pound, and yuan as traders shifted away from safe havens. Yields on benchmark 10-year Treasurys rose for the same reason.

The other precious metals were lower for the day and mixed for the week. Silver slipped 0.3% for a weekly loss of 0.5%. Platinum dropped 0.8% for the session but gained 1.5% for the week. Palladium slid 0.4% today but rose 1.7% this week.

At the Comex close: December gold fell $12.20 to $1,488.70; December silver slid 6 cents to $17.54; January platinum slid $7.60 to $900.30; and December palladium dropped $5.80 to $1,670.10 an ounce.