Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold gained another 0.4% to close at a fresh all-time high above $2,788 despite upbeat US data as Treasury yields retreated and investors sought safety ahead of next week's divisive US elections and the Fed's meeting on monetary policy. Silver fell 2.2% to finish at $33.91 an ounce.

The economy grew at a solid pace in the third quarter, the Commerce Department reported today, with consumer spending accelerating at the fastest clip in 18 months. GDP rose 2.8%, slightly missing forecasts of 3% due to an outside trade deficit driven by strong consumer demand for imports. Inflation fell to 1.8% for the quarter.

Private payrolls added 233,000 new jobs in October, the most in 15 months and more than double most forecasts.

Despite data showing the US economy firing on most cylinders, the tense and consequential presidential race between Trump and Harris is provoking market agita, driving demand for safe-haven government bonds and lowering 10-year Treasury yields. Falling yields lift gold by decreasing the opportunity cost for holding it.

Tracking lower with yields, the dollar lost 0.2% against major rivals, lifting gold by making it cheaper in other currencies.

The Fed is widely expected to cut interest rates by a quarter point next week, followed by a similar cut in December. Gold typically benefits from lower interest rates because they pressure yields and the dollar.

Platinum and palladium lost 2.8% and 5.1%, respectively.

At the New York spot close: gold gained $11.80 to $2,788.50; silver slid 76 cents to $33.91; platinum dropped $29.20 to $1,013.10; and palladium retreated by $63 to $1,154.10 an ounce.