Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up less than 0.1% to close above $1,205 as oil extended its climb and the dollar slipped ahead of this week's meeting of the Federal Reserve.

Oil rose for a third session, with global-benchmark Brent crude adding another 0.8% to close near $82 per barrel, a new four-year high. The rally has been driven by a drop-off of 500,000 barrels a day in exports from Iran because of renewed sanctions by the Trump administration. Gold often trades in sympathy with gold as a hedge against energy-related inflation.

The dollar slipped 0.1% against major rivals as traders held back ahead of today's start of the Fed's meeting on monetary policy. Another quarter-point rate hike, universally expected, has long been priced into the market. But sentiment has recently softened for a subsequent hike this year, largely because of uncertainty generated by the escalating trade war with China.

The Dow and S&P 500 edged lower on tariff concerns, shaking off positive US economic data. Consumer confidence rose to an 18-year high in September behind the strong job market, and the Richmond Fed factory index jumped to a record high.

The other precious metals were mostly higher, with silver and palladium climbing 1.1% and 0.2%, respectively, while platinum fell 0.8%.

At the Comex close: December gold gained 70 cents to $1,205.10; December silver rose 15 cents to $14.49; October platinum dropped $6.40 to $822.90; and December palladium added $2.20, to $1,053.80 an ounce.