Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Rising for a second session, gold gained 0.1% to close near $1,215 as controversy surrounding Donald Trump Jr and his father's presidential campaign pressured the dollar, boosting demand for alternative assets.

According to an email chain released yesterday, the President's son met with a Russian lawyer who had ties to the Kremlin, lured by the promise of obtaining incriminating information against Hillary Clinton during last year's run for the presidency.

Suggesting possible cooperation between Russia and the Trump campaign, something the President has repeatedly denied, the news rattled financial markets. The dollar reversed earlier gains to fall 0.3% against major rivals as traders speculated that the deepening Russia controversy will be one more obstacle preventing the enactment of Trump's promised tax and healthcare reforms. Treasury bonds also gained on safe-haven inflows.

The dollar was also pressured by a statement from Fed Governor Lael Brainard saying weak inflation is preventing her from supporting additional rate hikes.

Oil climbed more than 1% on reports that U.S. crude production and European stockpiles both declined last week. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were mostly higher, with silver and palladium adding 0.7% and 1.1%, respectively, while platinum slipped 0.4%.

At the Comex close: August gold gained $1.50 to $1,214.70; September silver climbed 12 cents to $15.75; October platinum slid $3.20 to $898.70; and September palladium added $9.50, to $846.85 an ounce.