Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold jumped 1.2%, its biggest one-day rise in two months, as a retreat in the dollar and weaker economic data from the Eurozone and Asia spurred safe-haven buying.

German factory orders fell 5.7% in August, the most since 2009, as generally weaker global demand battered exports. Consumer sentiment in the Eurozone fell for the third straight month, hitting the lowest level in seventeen months.

The World Bank lowered its growth forecast for China to 7.4% this year and 7.2% in 2015, down from 7.5% and 7.7%, respectively. Growth in in developing East Asia and the Pacific has also been revised lower.

The dollar retreated against major rivals, with the ICE Dollar Index dropping nearly 0.7%, as uneven data about the U.S. labor market raised questions about when the Fed may raise interest rates. Last Friday's non-farm payrolls report showed unemployment dropping to 5.9% in September. However, wage growth remained static and the labor-force participation rate fell to a multi-decade low as more long-term unemployed gave up the search for work.

The other precious metals tracked higher with gold on the falling dollar, which supports higher prices for gold and other commodities denominated in the buck for international trade by making it less expensive to holders of other currencies. Silver jumped nearly 2.5% while platinum and palladium gained 1.6% and 1.5%, respectively.

At the Comex close: December gold jumped $14.40 to $1,207.40; December silver surged 41 cents to $17.24; October platinum gained $20.20 to $1,245.30; and December palladium added $11.45, to $766.