Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold rebounded 0.8% to close above $1,802 as upbeat data pressured the dollar, supporting demand for alternative stores of value.

The US economy grew at an annual 2.3% in Q3, up from the prior print of 2.1%, according to the Commerce Department. Comprising 70% of GDP, consumer spending increased 2%, up from initial estimates of 1.7%.

US consumer confidence rose by more than expected in December, according to the Conference Board, as concerns about inflation eased after hitting a 13-year high in November. While down from its June peak, confidence has remained resilient despite the ongoing pandemic.

Separately, US existing home sales rose nearly 2% in November, posting the third straight monthly gain to reach the highest level since January. Declining inventories continue to limit sales.

The upbeat data pleased Wall Street, with the Dow adding 0.5% while the S&P 500 and Nasdaq both climbed 0.7%. Optimism that President Biden and Senator Joe Manchin may yet find common ground for the eventual passage of the $2 trillion Build Back Better bill also lifted stocks.

The dollar fell 0.4% against major rivals as rising risk appetite pulled Forex investors away from safe-haven currencies. A falling dollar supports gold and other commodities priced in it for glob al trade by making them less expensive in other currencies.

The other precious metals were also higher, with silver rising 1.3% while platinum and palladium jumped 4.4% and 5.4%, respectively.

At the Comex close: February gold gained $13.50 to $1,802.20; March silver rose 29 cents to $22.82; January platinum climbed $40.60 to $968.40; and March palladium surged $96.20 to settle at $1,889.30 an ounce.