Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold eased 0.5% to close at $1,222 as a mild rebound in stocks and the dollar caused traders to take profits from its three-day rally of 3.3%. The metal still finished 1.4% higher for the week to notch its second straight weekly win.

After plunging 5.2% in two days, the Dow edged up 0.6% with bargain-hunters entering the market. Tech shares and financials led the way on some solid earnings, while reports that China posted a record trade surplus with the US in September helped to soften concerns about slowing global growth.

The dollar ended its three-day slide, edging 0.2% higher after the People's Bank of China weakened the yuan and the euro dropped 0.3% on Italy's ongoing fiscal drama. Resisting EU austerity measures, the deeply indebted nation plans to spend 2.4% of GDP in its annual budget, bringing it into conflict with its creditors.

US import prices rose 0.5% in September, according to the BLS, after dropping 0.4% in August. For the 12 months ending in September prices have risen 3.5%. Export prices remained flat.

The other precious were mixed on the day and week. Silver rose 0.2% today but lost 0.1% this week. Platinum lost 0.8% for the day but gained 1.9% for the week. Palladium dropped 1.3% today and 0.1% this week.

At the Comex close: December gold eased $5.60 to $1,222; December added 3 cents, to $14.64; January platinum dropped $6.60 to $840; and December palladium lost $14 to $1,055.80 an ounce.