Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold finished nearly flat, edging down less than 0.1%, as stocks and the dollar held close to recent highs despite some minor profit-taking. The metal spent most of the day in gains and reached as high as $1,139 before sliding back late in the session.

The dollar rolled back from 14-year highs, dropping around 0.2% against major rivals, as traders took profits from the recent Trump rally. Stocks also took a mild breather from their historic run, with the Dow and S&P 500 each dipping around 0.1% but still holding near record levels. Momentum for equities and the buck remains intact, however, and may pressure gold and other alternative assets in the short term.

The greenback has spiked higher since November 8, largely on the belief that Trump's promises to slash taxes and regulations while building infrastructure will balloon the deficit and drive high inflation, thereby triggering more rate hikes from the Fed. Stock, too have been on a rampage on expectations that Trump's polices will boost corporate profits.

The other precious metals also finished lower, with silver dropping 0.9% while platinum and palladium lost 1% and 1.6%, respectively.

At the Comex close: February gold edged down 40 cents to $1,133.20; March silver dropped 14 cents to $15.98; January platinum fell $9.60 to $914.40; and March palladium fell $10.95 to $659.90 an ounce.