Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold rose 0.7% to close above $1,946 as striking autoworkers, soft data, and a weaker dollar stoked demand for alternative stores of value. The metal ended to week with a gain of 0.2%

Nearly 13,000 members of the United Auto Workers launched a simultaneous strike against all three major US carmakers. The coordinated action at factories of the Detroit Three, including GM, Ford and Chrysler, is considered the most ambitious union activity in decades.

Adding to financial uncertainty, hard-right Republican House members are threatening another government shutdown at the end of the month unless their demands are met on curtailing Ukraine aid, investigating the Biden family, and restarting former president Trump's border wall.

Consumer sentiment fell in August for a second month as Americans grew less optimistic about the economy and labor market. Inflation expectations fell to 3.1% for the next year, however, down from 3.7%.

All three major US equity indexes fell on this rising uncertainty and softer data. The Dow and S&P 500 shed 0.8% and 1.2%, respectively, while the Nasdaq lost 1.6%.

The dollar fell 0.2% against major rivals on increasing certainty that the Fed will pause interest rate hikes when it meets next week on monetary policy. A falling dollar lifts gold and other commodities by making them less expensive in other currencies, boosting demand overseas.

Fed fund futures traders continue to see a 97% certainty that the Fed will keep rates steady in September. The odds of a quarter-point increase in November have fallen to 30%, down from 44% one week ago.

The other precious metals were mixed for the day and higher for the week. Silver climbed 1.7% for a weekly win of 0.9%. Platinum picked up 2% today and 3.9% this week. Palladium slipped 0.2% but still gained 5.1% for the week.

At the Comex close: December gold rose $13.40 to $1,946.20; December silver climbed 39 cents to $23.39; October platinum advanced $18.40 to $929.50; and December palladium dipped $2.10 to $1,252.70 an ounce.