Daily Gold Update

Source:Dana Samuelson, American Gold Exchange

AustinGold, silver, platinum, and palladium all advanced in value today, adding big gains yet again, to conclude an explosive week higher for all four precious metals.

While gold did not break Tuesday�s New York all-time high closing of $3,780, it came close to doing so at $3,777, regaining the $40 it shed on Wednesday. Meanwhile silver, platinum, and palladium all ripped higher once more, with silver gaining another $1.50, platinum surging over $50, and palladium popping $20.

The US Bureau of Economic Analysis revealed that consumer spending remained strong in August at 0.4%, equaling July�s increase, with a 0.3% gain in June. So, despite a softening labor market, the main pillar of the US economy has remained vibrant over the last three months. There are concerns that a softening labor market, coupled with sticky inflation and reduced personal savings will undermine continued consumer spending at the current rates.

The PCE, the Fed�s preferred inflation gauge, rose 0.2% in August, with annual headline PCE rising at 2.7% and core PCE rising at 2.9%. All were in line with analyst�s expectations. In other news the dollar edged lower on the US dollar index, falling 0.40 to 98.15 while the 10-year US treasury yield edged 0.02% higher to 4.19%.

On the week gold gained $106, from $3,671 to $3,777. Silver surged $3.70 from $42.54 to $46.22. Platinum punched up $174 from $1,408 to $1,582 and palladium rose $130, from $1,156 to $1,286.

At the New York spot close today: gold gained $40.85 to $3,777.75; silver charged $1.52 higher to $46.22; platinum surged $52.00 to $1,582.70; and palladium gained $21.68 to $1,286.08 an ounce.