Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold slipped 0.6% after the Bank of Japan triggered a global sell-off in equities and commodities by keeping its monetary policies unchanged. Additional stimulus was widely expected because of Prime Minster Shinzo Abe's recent pledge to eradicate deflation by doubling the nation's monetary base in two years. Instead, BOJ Governor Haruhiko Kuroda declared current measures sufficient, rallying the yen and sending Asia markets into a tailspin.

Already nervous from talk about possible reductions in monetary stimulus at home, U.S. markets followed Asia lower. The Dow dropped nearly 100 points and the Goldman Sachs Commodities Index fell 1.3%, catching precious metals in the downdraft. Silver dropped 1.2% while platinum and palladium surrendered 1.6% and 2.2%, respectively. Gold's losses were cushioned by a falling dollar and safe-haven demand. SPDR Gold Trust, the world's largest gold-backed ETF, reported inflows of 2.7 tons, the largest in over a month yesterday.

At the Comex close: August gold slipped $9 to $1,377; July silver dropped 28 cents to $21.65; July platinum lost $25.10 to $1,481.80; and September palladium fell $16.90 to $752.50 an ounce.