Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold fell 1.8% to close under $2,739 on mixed data as traders took month-end profits from five straight winning sessions and a series of record-high prices. Bullion still gained nearly 4% for the month, driven by geopolitical concerns and monetary easing from central banks. Silver shed 3.7% to finish at $32.65 an ounce but rose 1.6% for the month.

The Personal Consumption Expenditures index rose 0.2% in September, as forecast, dropping the 12-month inflation rate to 2.1%, just barely above the Fed's target of 2%. The so-called core PCE, excluding food and energy, rose 0.3% to keep the 12-month rate unchanged at 2.7%.

Meanwhile, the economy produced more evidence of a soft landing. Consumer spending rose 0.5% in September, beating forecasts and setting up Q4 for continued growth after GDP rose 2.8% in Q3. Consumer spending comprises around 70% of GDP.

In addition, first-time jobless claims dropped 12,000 to 216,000 last week, the lowest level in five months.

Both benchmark 10-year Treasury and the dollar were virtually unchanged.

Gold remains supported near record highs by uncertainty over the extremely close race for the US presidency and the deepening conflict in the Middle East. Expectations that the Fed will further reduce interest rates, albeit at a slower pace, when it meets next week are also fueling bullion's rally.

Platinum fell 1.9% today but rose 1.6% this month. Palladium gave back 3.7% but still surged 11.1% in October behind threats of sanctions against Russia, a leading producer.

At the New York spot close: gold fell $50.20 to $2,738.30; silver slid $1.26 to $32.65; platinum lost $18.80 to $994.30; and palladium dropped $42.50 to $1,111.60 an ounce.