Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained for the sixth time in seven sessions, adding 0.6% to close at a two-week high near $1,279 as mixed economic data and a pullback in equities spurred demand for alternative stores of value. The metal ended the week 1.7% higher for its second straight weekly win. Silver jumped 1.2% today and 2.4% this week.

The Commerce Department reported consumer spending climbed 0.6% in November, slightly beating forecasts, for a solid start to the holiday shopping season. Personal incomes rose 0.3% while the savings rate dropped sharply from 3.2% to 2.9%, suggesting that shoppers were spending their savings.

However, consumer sentiment declined December, according to the University of Michigan survey, in part because of uncertainty over the Republican tax plan.

US equities slipped slightly on the uneven data, with the Dow and S&P 500 down around 0.1%. The dollar traded virtually flat on the day but lost 0.6% on the week. A softer dollar boosts gold and other commodities priced in it for international trade by making them less expensive overseas.

The other precious metals were mixed on the day but higher for the week. Platinum rose 0.4% to a weekly gain of 2.6%, while palladium dipped a dime but still climbed 1.4% this week.

At the Comex close: February gold added $8.20 to $1,278.80; March silver jumped 20 cents to an $16.44; January platinum picked up $3.80 to $923; and March palladium edged down 10 cents to $1,029.55 an ounce.