Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— After gaining 3% over the two previous sessions, gold slipped 0.6% to hold above $1,074 after rising oil and upbeat data on U.S. growth boosted risk appetite, eroding demand for safe havens

Propelled by energy shares, the Dow and S&P 500 each gained more than 1% as crude oil prices jumped by the same amount, reclaiming $36 per barrel after a four-decade ban on U.S. oil exports was lifted by Congress.

Wall Street was also encouraged by a new report from the Commerce Department showing that GDP grew by a solid 2% in the third quarter, boosted by strong consumer and business spending.

Gold's slide was backstopped by a softer dollar, which fell for a third straight session after existing U.S. home sales plunged in November by the most in five years. A weaker buck typically supports gold and other commodities denominated in it for international trade by making them less expensive to users of other currencies.

The other precious metals were mixed, with silver trading virtually flat while platinum slid 0.9% and palladium picked up 0.2%.

At the Comex close: February gold slipped 6.50 to $1,074.10; March silver ended virtually unchanged at $14.31; January platinum slid $8.30 to $873; and March palladium added $1.25, to $554.65 an ounce.