Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.6% to close near $1,513 as trade-war tensions and a dovish outlook from the Fed nudged investors towards alternative assets.

Persistent concerns about trade relations buoyed safe-haven demand despite some apparently conciliatory gestures from Beijing ahead of tomorrow's negotiations in Washington. Reports suggest that China may be open to a limited trade agreement and will increase purchases of US agricultural products by 50%, to $50 billion.

The concessions come as tariffs are set to rise from 25% to 30% on $250 billion in Chinese goods on October 15.

Wall Street jumped on the news, with the Dow adding 1% and the tech-heavy Nasdaq 1.2%. But with reverses in trade prospects occurring almost daily, safe havens like gold and silver are finding support even when risk appetite is stoked by new hopes.

Most of gold's gains came late yesterday in electronic trade after Fed Chair Jerome Powell signaled support for additional rate cuts to maintain the US expansion. Minutes from the September Fed meeting underscored Powell's dovishness today, with several members voicing concern about slowing growth and the possibility of a recession.

The other precious metals were also higher, with silver rising 0.6% while platinum added 0.7% and palladium picked up 0.2%.

At the Comex close: December gold gained $8.90, or 0.6%, to settle at $1,512.80; December silver climbed 11 cents to $17.81; January platinum rose $6.60 to $886.70; and December palladium added $4, to $1,654.70 an ounce.