Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold slipped 0.3% to close at $1,286 as a rising dollar and rebounding equities reduced demand for alternative assets. The metal still gained 0.6% for the week and, in its first monthly rise since June, 0.4% for the month behind rising geopolitical conflict in the Ukraine and Middle East.

U.S. stocks closed with modest gains after consumer sentiment rebounded in August, according to the Thompson/Reuters index, and the Chicago-region PMI surged, suggesting the economy is gathering momentum. However, consumer spending declined in July, its first fall in six months. The S&P 500 closed at a new record above 2,003, gaining 3.8% for the month, its best August since 2000.

The dollar gained against major rivals after data from Japan and Europe signaled slower growth. A stronger dollar tends to pressure precious metals and other commodities denominated in it for international trade by making them more expensive to holders of other currencies.

The other metals were mixed. Silver dropped 0.7% for the day and nearly 5% for the month. Platinum was virtually flat today but lost and 2.6% in August. Palladium jumped nearly 1.3% today, surpassing a 13-year high, and nearly 4.3% this month on concerns that wider sanctions against Russia, the world's leading producer, will deepen existing supply problems.

At the Comex close: December gold slipped $4.40 to $1,286.00; September silver dropped 14 cents to $19.398; October platinum dipped 50 cents to $1,424.70; and December palladium jumped $11.45 to $909.55 an ounce.