Daily Gold Update

Source: Dana Samuelson, American Gold Exchange

Austin, TX— Gold edged lower again today while silver, platinum and palladium were virtually unchanged from yesterday�s Comex closing prices. The U.S. dollar was little changed on Friday as well.

Consumer confidence, as measured by the Thomas Reuters/University of Michigan consumer sentiment index, rose to 84.6 in September from 82.5 in August, its highest level in 14-months The slowly improving labor market, lower oil prices and gains in stock prices have all been factors in this increased consumer confidence. Another report showed retail sales rose at their fastest pace in four months in August as consumers increasingly parted with their hard earned dollars.

Traders are increasingly eyeing next week�s FOMC meeting. Some are anticipating the Fed to issue forward guidance indicating that the gradually improving U.S. economy will allow the Fed to begin raising interest rates sooner than expected. This has helped to buoy the dollar and, inversely, pressured gold.

At the Comex close: December gold fell $7.50 to $1,231.50; December silver gained 1 cent to $18.54; October platinum fell $0.20 to $1,370.50; December palladium gained $2.85 to $836.05 an ounce.