Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.2% to close above $1,344 on safe-haven inflows as equities and the dollar slipped ahead of the U.S. presidential debate.

Stocked stumbled worldwide, with the Dow dropping 0.8% and the Global Dow 1%, as traders hedged their positions before tonight's first debate between Hillary Clinton and Donald Trump. With polls narrowing, any new signs of momentum shifting toward Trump, whose policies remain largely unknown and unpredictable, are expected to increase market volatility, according to a research note from Goldman Sachs.

The dollar soften 0.2% against major rivals as traders digested last week's decision by the Fed to postpone raising interest rates yet again. Most analysts think a December hike is already priced into the market, so the buck's upside is weak in coming months. Data showing new home sales plunged 7.6% in August also pressured the currency.

Oil jumped 4%, wiping out Friday's losses, as OPEC meets with other major producers in Algeria to find ways to support prices. Gold often trades in sympathy with oil as a hedge against energy-inflation.

The other precious metals finished lower, with silver dropping 1.1% while platinum and palladium fell 1.3% and 1.5%, respectively.

At the Comex close: December gold gained $2.40 to $1,344.10; December silver dropped 21 cents to $19.60; January platinum fell $14.20 to $1,046.70; and December palladium shed lost $10.25 to $696.15 an ounce.