Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold edged slightly higher to close near $1,247, and then added another $3 after hours as a falling dollar and rising oil boosted demand for alternative stores of value.

The dollar fell more an 1% against major rivals and hit a 10-month low against the euro after ECB chief Mario Draghi suggested the central bank may level off monetary stimulus. Speaking in Portugal, Draghi said inflation is now more likely than deflation in the eurozone.

The buck came under further pressure after the Senate postponed its vote on healthcare reform because of faltering support. Traders speculated that the lack of progress on this keystone legislation could bode ill for the Trump administration's ability to realize its promised tax cuts and infrastructure spending plans.

Oil prices jumped 2% to a one-week high on the falling dollar and expectations that U.S. supplies will fall for a third straight week. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals mostly higher, with silver and platinum adding 0.1% and 0.3% , respectilvey, while palladium fell 0.7%.

At the Comex close: August gold picked up 50 cents, to $1,246.90; September silver climbed 2 cents to $16.65; October platinum gained $2.70 to $920.90; and September palladium dropped $5.60 to $858.35 an ounce.