Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.6% to close at a two-week high near $1,505 after weak economic data reinforced the view that the Fed will cut interest rates when it meets next week.

U.S. orders for durable goods fell 1.1% in September and business investment contracted as trade conflicts and slowing global growth continued to hammer manufacturing and corporate confidence. Over the past 12 months, orders for long-lasting goods like cars, trucks, appliances, and computers have declined 5.4%, the most since 2016.

Separately, IHS Markit's PMI survey for the Eurozone showed business activity stagnated in October. While the services sector expanded slightly, manufacturing continued to contract by the most in seven years.

Slowing growth is raising speculation that central banks will become more dovish in coming months. The ECB kept interest rates negative at this month's meeting, while the Fed is widely expected to cut rates by another quarter-point when it meets next week. Lower interest rates tend to weaken currencies, building demand for gold as an alternative store of value.

The other precious metals were also higher, with silver rising 1.3% while platinum and palladium added 0.3% and 1,9%, respectively.

At the Comex close: December gold gained $9 to $1,504.70; December silver rose 22 cents to $17.80; January platinum picked up $2.70 to $925.10; and December palladium jumped $33.30 to $1,747.90 an ounce, a new record.