Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up less than 0.1% to close near $1,228 despite an optimistic Fed Beige Book report and slightly stronger dollar as bargain-hunters supported the metal and oil rallied.

The economy is growing at a "modest pace" or faster in 11 of 12 Fed districts, according to the anecdotal report known as the Fed Beige Book, released today. While most respondents were optimistic, labor shortages and tariffs were cited as concerns about sustainable growth.

Crude oil jumped 1% after domestic gasoline stocks declined by more than expected despite higher output. Gold often rises with oil as a hedge against energy-related inflation.

Capping gold's gains, the dollar added 0.1% against major rivals, supported by Fed Chair Jerome Powell's upbeat assessment of the economy during testimony before the House today. A stronger dollar typically weighs on gold and other commodities by making them more expensive overseas.

The other precious metals finished lower, with silver sliding 0.3% while platinum and palladium dropped 0.3% and 0.8%, respectively.

At the Comex close: August gold added 60 cents, to $1,227.90; September silver dropped 4 cents to $15.57; October platinum slid $2.10 to $817.80; and September palladium lost $7.40 to $901.80 an ounce.