Gold News & Info

Source:Matt Warden, American Gold Exchange

AustinGold edged 0.2% higher to $1,277.20 and the US Dollar shed 0.3% to settle at 95.598 after reports the House is considering phasing in the corporate tax-rate reduction and news of conspiracy charges against two former Trump campaign officials and an ex-campaign advisor overshadowed reports of higher incomes and surging consumer demand.

This morning's announcement of indictments stemming from Robert Mueller's Special Counsel investigation into the 2016 Presidential elections set a cautious tone for the US Dollar at the open, as it is a potential distraction to the Republican tax-reform agenda. Later in the morning, Bloomberg reported that the House Ways and Means Committee is considering a plan to gradually phase-in corporate tax-rate cuts from 35% to 20% over the next 5 years, adding to the negative dollar sentiment and lifting gold to an intraday high of $1279.90 before it settled slightly lower at the close.

The BEA reported personal incomes rose 0.4% and consumer demand rose 1.0% month-over-month, driven in large part by vehicle replacement demand following Hurricanes Harvey and Irma. Core inflation rose at an annual rate of just 1.6%, remaining stubbornly below the Federal Reserve's 2% goal.

The other precious metals were mostly unchanged once again, with silver edging 0.1% higher, platinum up 0.5%, and palladium down 0.5%.

At the Comex close: December gold tacked-on $2.90 to $1,277.20; December silver added 2 cents to $16.86; January platinum rose $5.30 to $921.90; and December palladium lost $4.95 to $960.90 an ounce.