Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.7% to close under $1,228 as upbeat consumer data and political turmoil in Germany boosted the dollar, stifling demand for alternative stores of value.

Consumer spending rose 0.4% in September, notching a seventh straight months of gains, as Americans spent large on cars and recreational goods. Incomes rose a softer 0.2%. Inflationary pressures were muted, with the personal consumption expenditures index rising just 0.1% and the 12-month rate dropping to from 2.2% to 2%.

The dollar pushed 0.2% higher against major rivals, in part because of upbeat consumer data. Adding to support for the buck, the euro fell on news that Angela Merkel will step down as Germany's Prime Minister in December, introducing another element of uncertainty into eurozone politics along with problematic Brexit negotiations and Italy's resistance to budgetary constraints.

Gold was also pressured by falling oil prices, with crude falling 1.7% on reports that Russia's output will remain high. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were mostly lower, with silver and palladium dropping 1.8% and 0.6%, respectively, while platinum picked up 0.3%.

At the Comex close: December gold slid $8.20 to $1,227.60; December silver dropped 26 cents to $14.44; January platinum rose $2.50 to $836.90; and December palladium fell $6.60 to $1,079.30 an ounce.