Gold News & Info

Source:Dana Samuelson, American Gold Exchange

AustinGold and silver closed the New York session little changed from yesterday’s pre-election surges higher. Gold edged $2.30 lower while silver eased 18 cents. Yesterday’s strong market drivers of a weaker dollar and falling Treasury yields reversed today, with both the dollar and yields edging slightly higher, leaving gold almost unchanged today while silver eased lower.

Following yesterday’s US elections, the US government is little changed today as well. The final outcomes for control in both the US Senate and House of Representatives remain undecided due to much tighter races than anticipated. Votes were still being counted in key races today, which will determine congressional control going forward.

While Republican control of the House is a virtual certainty, control of the Senate remains a toss-up. With three Senate races still undecided, it appears Republicans will win one and hold 50 seats while Democrats will win one and hold 49 seats. The final race is the key Georgia Senate contest that is now headed to a run-off on Dec. 6th. This outcome will prove to be decisive for either Republican or Democratic control of the Senate and potentially Congress as well.

Tomorrow’s CPI release, which is anticipated to show a very modest decline from last month’s 8.2% inflation print, could shed some light on how aggressive the Fed might react with their next rate hike increase at their December meeting. While market reaction to the CPI figure may be strong either way, most analysts anticipate inflation to remain persistent for the next several months, leaving the Fed little room to let up on their aggressive rate hike path in the short-term.

At the Comex close: December gold eased $2.30 lower to $1,713.70; December silver fell 18 cents to $21.32; January platinum fell $17.20, to $997.30; and December palladium dropped $73.40 to $1,859.20 an ounce.