Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold rebounded 0.2% to close just under $1,300 as bargain-hunters re-entered the market after three down sessions. Prices were buoyed by reports that gold imports in India surged 65% in June to more the $3 billion, suggesting that demand is returning in the world' second-largest bullion buyer as the Bank of India lifts curbs on imports.

Gold's gains came despite generally upbeat U.S. economic data and a rising dollar, which tends to weigh on prices for precious metals and other commodities denominated in the currency for international trade. The other metals were mixed, with silver slipping 0.5% while platinum edged up slightly and palladium gained 0.9%.

The Fed Beige Book of anecdotal reports on economic activity showed modest to moderate expansion in all twelve Fed regions. In addition, U.S. factory output rose in the second quarter at its fastest pace in more than two years. In potentialyl bullish news for gold, a traditional hedge against inflation, wholesale prices rose more than expected last month.

At the Comex close: August gold rose $2.70 to $1,299; September silver slipped 12 cents to $20.77; October platinum edged up 70 cents to $1,485.70; and September palladium gained $8.20 to $876.75 an ounce.