Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold gained for a third session, adding 0.7% to close at a three-week high near $1,242, as the dollar fell on soft data and the collapse of healthcare reform, boosting demand for alternative stores of value.

The Senate abandoned its bill to replace Obamacare after defections within the Republican caucus made passage impossible. The inability to pass this legislation raises questions about whether the Trump administration will be able to push all its pro-growth agenda of tax cuts and infrastructure spending though Congress.

Homebuilder sentiment fell to an eight-month low in July, pressured by materials costs and disappointment that rollbacks in regulations have been delayed by Congressional inaction.

Import prices fell 0.2% in June, pulled lower by falling fuel prices, and export prices also declined 0.2%.

The dollar fell 0.5% against major rivals as traders speculated that easing inflation and softer economic data will reduce pressure on the Fed to raise interest again this year. Low rates weigh on the dollar by making it less attractive to foreign exchange investors seeking higher yield. A lower dollar supports gold and other commodities by making them less expensive overseas.

The other precious metals were mixed, with silver rising 1.1% while platinum was flat and palladium dipped 0.1%.

At the Comex close: August gold gained climbed $8.20 to $1,241.90; September silver rose 17 cents to $16.27; October platinum was flat at $930.30; and September palladium dipped $1.15 to $864.40 an ounce.