Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 0.4% to close under $1,218 as the dollar rose on Brexit concerns, eroding demand for alternative stores of value.

The UK pound plunged to an 11-month low after Britain's international trade secretary, Liam Fox, said there's a 60% chance of no deal with the EU before Britain leaves the union in March 2019. The resulting "hard Brexit" would throw trade and financial relations with Europe into disarray, further undermining the currency.

The dollar picked up 0.2% against major rivals, mainly on the weaker pound. A rising dollar pressures gold and other commodities priced in tit for global trade by making them more expensive overseas.

Gold losses were cushioned by rising oil prices after OPEC reported a reduction in output from Saudi Arabia, its biggest producer, and the Trump administration reinstated sanctions against Iran. Brent crude rose 0.8% to more than $69 per barrel. Rising oil prices typically support gold as traders seek hedges against energy-related inflation.

The other precious metals were also lower, with silver sliding 0.7% while platinum and palladium dropped 1.3% and 0.5%, respectively.

At the Comex close: December gold fell $5.50 to $1,217.70; September silver dropped shed 11 cents to $15.35; October platinum surrendered $10.60 to $826.30; and September palladium slipped $4.30 to $903.60 an ounce.