Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.4% to close near $1,206 as concerns about escalating trade-war tensions between the US and China pressured the dollar and boosted safe-haven demand.

The US unveiled plans for an additional $200 billion in tariffs on goods from China, risking a fragile détente between the two world's largest economies. Relations appeared to improve last week after the US extended an invitation to continue talks in Washington. The overture was rejected, however, with a senior official declaring China will not negotiate "with pointed gun to its head."

The dollar fell 0.5% as financial markets braced for further trade retaliation. The UK pound rose sharply on expectations that the EU and Britain will reach an agreement on trade in coming weeks. A falling dollar supports gold and other commodities by making them less expensive overseas.

Slightly weaker manufacturing index in the Empire State Fed district was also a drag on the dollar as higher prices on raw materials and rising uncertainty about trade pushed output down in September from a 10-month high in August.

The other precious metals were also higher, with silver rising 0.6% while platinum and palladium added 0.3% and 0.7%, respectively.

At the Comex close: December gold gained $4.70 to $1,205.80; December silver rose 8 cents to $14.22; October platinum added $2.30, to $800.90; and December palladium climbed $6.50 to $977 an ounce.