Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.8%, closing at a one-month of just under $1,255, as a sinking dollar and rising political tension in Washington boosted demand for safe havens. After climbing for six straight sessions, metal finished the week 2.2% higher for its strongest weekly performance in two months.

The dollar dropped another 0.4% to its lowest level in 13 months, pressured by receding interest rate expectations and a surging euro. Lower inflation and softer U.S. economic data have lowered the likelihood of anther rate hike this year, CME FedWatch now placing the odds at around 46%. Dollar weakness supports gold by making it less expensive overseas.

New turmoil in the Trump Administration also weighed on the dollar and lifted safe havens. The President is reportedly researching ways to block Robert Mueller's Russia investigation and issue pardons to himself and his family in connection with the probe. Traders fear these actions could ignite a constitutional crisis that would further impede Trump's pro-growth domestic agenda.

The other precious were mostly higher. Silver rose another 0.7% for a 3.3% weekly gain. Platinum picked up 0.5% to close the week 1.5% higher. Palladium dropped 0.4% for the day and 1.5% for the week.

At the Comex close: August gold gained $9.40 to $1,254.90; September silver added 11 cents, to $16.46; October platinum picked up $4.20, to $937.40; and September palladium dropped fell $3.25 to $844.35 an ounce.