Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.3% to close above $1,225 as the dollar rebounded from its post-election losses. The metal then slid further in after-hours trading, dipping briefly under $1,222, as the dollar extended its gains following the Fed's post-meeting statement on monetary policy.

As expected, the Federal Reserve left interest rates unchanged at its two-day meeting that ended today. The ensuing policy statement re-affirmed the plan to raise rates "at a gradual pace" in coming months, all but assuring a December hike. Rising rates boost the dollar by attracting foreign exchange investment seeking higher, pressuring gold in turn by making it more expansive in other currencies.

Oil fell another 1.7%, notching its ninth straight down session, as higher production from Russia and exceptions to Iranian sanctions by the White House added to global supply. West Texas Intermediate crude has now fallen more than 20% since its peak in early October, technically slipping into a bear market. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were also lower, with silver and platinum dropping 1% while palladium lost 0.4%.

At the Comex close: December gold slipped $3.60 to $1,225.10; December silver lost 15 cents to $14.42; January platinum fell $8.50 to $870.30; and December palladium shed $4.60 to $1,116.10 an ounce.