Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged slightly higher to close over $1,282 after some net-softer US economic data pressured the dollar, boosting demand for alternative stores of value.

The Philly Fed manufacturing index dropped in November, tracking the similar fall-off in the Empire State index reported yesterday. And jobless claims jumped to a six-week high. On the other hand, the Fed reported industrial production rose 0.9% in October, topping forecasts.

The dollar rolled back 0.1% as traders speculated that the slightly softer data may cloud the outlook for rate hikes in 2018. Another quarter-point hike this year is almost certainly coming at the Fed's December meeting, and has mostly been priced into the dollar already.

Gold's gains were contained by a sharp rebound in equities, with the Dow and S&P 500 both rising nearly 1%, led by strong growth at Wal-Mart.

The other precious metals also mostly higher, with silver and platinum adding 0.6% and 0.3%, respectively, while palladium dipped by less than 0.1%.

At the Comex close: December gold added 50 cents, to $1,278.20; December silver gained 10 cents to $17.07; January platinum rose $3.10 to $936.20; and December palladium dipped 25 cents to $984.85 an ounce.