Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.3% to close at a three-week high above $1,291 as the dollar fell on mixed data, boosting demand for alternative stores of value. After rising for eight of the past nine sessions, the metal is now up around 12% this year.

Consumer confidence declined in November as Americans left a little less optimistic about their jobs and business prospects. Overall confidence remains strong, nonetheless, after hitting a 17-year high last month. Pending home sales edged up in November, supporting year-end momentum in the crucial hosing sector, although analysts believe the new tax laws may pressure sales next year by reducing mortgage deductions.

The dollar fell 0.3% against major rivals as traders speculate that strengthen global growth will curtail easing in the eurozone and Japan, further boosting other currencies against the dollar next year. The buck has lost around 9% in 2017 for its biggest annual loss since 2003. A falling dollar supports gold and other commodities priced in it for global trade by making them less expensive in other currencies.

Gold was further supported by high oil prices. While crude slipped 0.6% on profit-taking today, it surged 2.8% yesterday to a 30-month high above $60 per barrel after a pipeline explosion in Libya and OPEC production cuts tightened future supplies. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were also higher, with silver and palladium jumping 0.9% and 1.3%, respectively, while platinum added less than 0.1%.

At the Comex close: February gold gained $3.90 to $1,291.40; March silver rose 15 cents to $16.76; January platinum edged up 20 cents $923.70; and March palladium jumped $13.90 to $1,056.35 an ounce.