Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold rose 0.6% to close just under $1,880 as rising COVID-19 cases and uncertainty surrounding next week's US elections undermined equities despite generally positive economic data, boosting demand for safe havens. The metal slid 1.3% for the week and 0.8% for the month, pressured by the indefinite postponement of new fiscal stimulus.

US consumer spending rose 1.4% in September, beating forecasts, as Americans paid for new vehicles, clothing, recreation, and medical costs. Incomes rose nearly 1% as more people went back to work.

Separately, consumer sentiment rose in late October as Democrats became increasingly optimistic about Joe Biden's chances to win the presidential election. A Biden administration is seen as more likely to pass a big stimulus package and extend benefits for the unemployed.

Wall Street rolled back despite the upbeat data, with the Dow and S&P 500 dropping 1.6% and 2%, respectively, while the Nasdaq fell 3%. Risk-off sentiment was driven by pessimistic outlooks from tech giants Apple, Amazon, and Facebook because of sharply rising COVID-19 cases in the US and Europe.

The dollar was little changed, edging up 0.1%, as petro-currencies like the ruble and Canadian dollar fell along with oil prices and the euro faltered on expectations for deeper easing from the ECB in December.

Still, the buck rose 1% for the week amid worries about a contested US election and the imposition of new lockdowns in France and Germany. A stronger dollar pressures gold and other commodities by making them costlier in other currencies.

The other precious metals were mixed. Silver rose 1.2% for the session but lost 4.2% for the week and 0.7% for the month. Platinum dipped 0.1% for a monthly decline of 6.7%. Palladium rose nearly 1% today but still lost nearly 5% in October.

At the Comex close: December gold rose $11.90 to $1,879.90; December silver climber 29 cents to $23.65; January platinum dipped $1.10 to $848.40; December palladium gained $18.70 to $2,217.20 an ounce.