Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold rose 0.3% to close above $1,498 as a tentative Brexit deal and another round of soft US data weakened the dollar, boosting demand for alternative assets.

Britain and the European Union announced a last-minute deal to pave the way for an amicable separation if ratified by Parliament. Under the deal, the UK will leave the bloc but continue to operate under EU rules until the end of next year. In the meantime, negotiators will continue to work toward new trade deal.

While the pact has slim chances of passing Parliament in current form, it nonetheless rallied the pound and euro, which have been weakened by persistent fears of a so-called hard Brexit. The dollar fell 0.4% against major rivals, supporting gold and other commodities priced in it for global trade.

Weak US data also lifted the metal. Industrial output fell 0.4% in September, the most in five months, as manufacturing continues to be hammered by trade conflicts. The Philadelphia Fed region saw its gauge of business activity fall sharply in October, largely on the US-China trade war.

Treasury yields slid and prices rose on safe-haven inflows.

The other precious metals were mostly higher, with silver and platinum adding 1.1% and 0.3%, respectively, while palladium dropped 0.3%.

At the Comex close: December gold rose $4.30 to $1,498.30; December silver climbed 19 cents to $17.61; January platinum added $2.30, to $893; and December palladium slid $4.30 to $1,730.70 an ounce.