Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold dipped 0.1%, holding above $1,283 as the markets looked for direction amidst improving U.S. economic data and rising geopolitical conflict.

With no significant new data released, traders mulled yesterday's reports showing U.S. consumer confidence at a seven-year high in August while orders for durable goods declined in sectors other than transportation and U.S. home price fell in June. U.S. equities rolled back slightly, with the S&P 500 slipping back under 2,000, and the dollar gave it some of its recent gains against most major rivals.

Gold continues to find safe-haven support from escalating tensions in the Ukraine, where Russia was accused by Kiev of launching a new incursion despite promising to defuse tensions, and Syria, where the U.S. appears to be planning direct military intervention to quash the ISIS threat.

The other metals finished higher, with silver and palladium picking up 0.1% while palladium added 0.6%. At the Comex close: December gold dipped $1.80 to $1,283.40; September silver added 2 cents, to $19.41; October platinum picked up $1.20, to $1,419.90; and September palladium gained $5.20 to $893.90 an ounce.