Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.3% to close near $1,184 after soft economic data and the terrorist attacks in Paris caused flights to safety. The metal had risen as high as 1,097 in intraday trading before sliding back under pressure from a rising dollar.

Coordinated terrorist attacks in Paris late Friday drove investors toward safe havens today, boosting gold and U.S. treasury bonds along with the dollar. Retaliatory airstrikes by France against ISIS strongholds in Syria have deepened tensions in the troubled Middle East. Gold is often seen as refuge during times of geopolitical uncertainty.

Economic data at home and in Japan added support. Manufacturing in the Empire State Fed region remains deeply in negative territory this month, marking four straight months of contraction for its worst run since 2009. Factory activity in the New York area and across the country faces continuing headwinds from the stronger dollar and weaker Asian demand.

Japan fell into recession for the second time in two years, with GDP shrinking for the second straight quarter through September. The global economic slowdown and turmoil in China's financial markets weighed heavily on the world's third-largest economy during the second quarter.

Capping gold's gains, the dollar rose against major rivals as the euro tumbled in response to the Paris attacks. A rising dollar typically weighs on gold and other commodities denominated in it for international trade.

The other precious metals also finished higher, with silver picking up 0.1% while platinum and palladium added 0.2% and 2.3%, respectively.

At the Comex close: December gold gained $2.70 to $1,083.60; December silver added nearly 2 cents, to $14.22; January platinum picked up $1.80, to $865.50; and December palladium rose $12.30 to $551.55 an ounce.