Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— Gold fell 1% to close above $1,330 as returning risk appetite after the first presidential debate reduced demand for safe-haven assets.

Investors were apparently anxious going into last night's debate between Donald Trump and Hillary Clinton, shifting from risk assets likes stocks into safe havens like gold during yesterday's market action. Many traders view the prospect of a Trump presidency with some trepidation if only because his policy positions are largely unknown and unpredictable, and markets crave predictability.

U.S. stocks rebounded today, with the Dow adding 0.7% and Nasdaq nearly 0.9%, as Trump was widely seen as doing little to advance his chances with uncommitted voters, according to a CNN poll after the debate.

Gold was also pressured by tumbling oil prices after West Texas Crude fell 2.8% following Iran's rejection of a Saudi proposal to cut output during an OPEC meeting in Algiers. Gold often trades in sympathy with oil as a hedge against energy-inflation.

The other precious metals also fell, with silver dropping 2.2% while platinum and palladium fell 1.7% and 0.7%, respectively.

At the Comex close: December gold fell $13.70 to $1,330.40; December dropped 43 cents to $19.17; January platinum lost $17.40 to $1,029.30; and December palladium slid $4.90 to $701.05 an ounce.