Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.6% to close at $1,196 as a rebounding dollar diminished demand for alternative stores of value and traders took profits from the metal's four-session rise of 1.8%.

The dollar bounced 0.5% higher to end a six-day skid, boosted by sharp weakness in the South African rand and Aussie dollar. A tweet by President Trump, which echoed a Fox News story about white farmers in South Africa being killed for their farms, knocked the rand down 1.6% against the dollar. Meanwhile, the Australian dollar fell 1.3% against the buck on growing concerns that Prime Minster Malcolm Turnbull may lose his leadership position.

The buck remains down 0.5% this week after Fed criticism from President Trump and mildly dovish minutes from the last Fed meeting raised uncertainty about the course of future rate hikes. A weaker dollar typically supports gold and other commodities priced in it for global trade.

New-home sales fell to a nine-month low while existing-home sales dropped to a 30-month low, signaling a loss of momentum in the heretofore rousing housing market. The IHA Markit flash manufacturing index slowed to a none-month low as companies struggle to find skilled labor.

The other precious metals were also lower, with silver losing 1.2% while platinum and palladium dropped 1.8% and 0.6%, respectively.

At the Comex close: December gold slid $7.30 to $1,196; September silver lost 18 cents to $14.57; October platinum fell $14.10 to $779.60; and September palladium gave up $5.50 to $912.70 an ounce.