Daily Gold Update

Source:Dana Samuelson, American Gold Exchange

Austin— Gold and silver consolidated yesterday�s post Fed policy statement gains today, with gold pushing up to a six-week high intraday high of $1,264.80 and silver to a four-week intraday high of $16.81 before closing the New York trading session modestly lower. The U.S. dollar index rebounded from yesterday�s post Fed sharp selloff, regaining most but not all of yesterday�s losses, which helped to hold today�s precious metals gains in check.

The U.S. economy picked up steam during the 2nd quarter, with durable goods orders rising for the fifth month in a row, suggesting that business spending has helped to boost U.S. economic activity. Consumer spending for the 2nd quarter is also estimated to stronger in the 2nd quarter at close to 3%, rising from the meager 1.1% during the 1st quarter. The estimate for U.S. GDP for the second quarter of 2017, which will be officially reported tomorrow, is expected to be between 2.5% and 2.8%, doubling the 1st quarter U.S. GDP of 1.4%.

At the Comex close: August gold gained $10.60 to $1,260.00; September silver gained 12 cents, to $16.57; October platinum gained $3.70 to $926.40; and September palladium gained $14.00 to $876.90 an ounce.