Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold slipped 0.4% but remained well above $1,400 as stronger U.S. economic reports boosted risk appetite. GDP growth for the second quarter was revised upward from 1.7% to 2.5%, annualized, behind improved trade activity and inventories. Personal consumption remained unchanged at 1.8%. Separately, jobless claims fell by 6,000, suggesting that the labor market may be strengthening in August after a decline in July. The Dow and Global Dow edged 0.1% higher on the upbeat data

The stronger growth was seen by traders as potentially bolstering the case for the Fed to reduce quantitative easing in September. QE has supported higher gold prices because it devalues the dollar and increases the risk of long-term inflation. The dollar extended gains after the GDP revision, pressuring precious metals and other commodities that are denominated in dollars internationally. Oil rolled back by 1.6% behind the rising dollar and indications that military strikes against Syria may be delayed. Silver and platinum dropped 1.2% and palladium fell 1.1%.

At the Comex close: December gold slipped $5.90 to $1,412.90; September silver dropped 30 cents to $23.09; October platinum fell $17.70 to $1,522.40; and September palladium retreat by $8.30 to $737.75 an ounce.