Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold edged up slightly to close near $1,218 as faltering global stock prices stimulated safe-haven demand.

The Dow lost more than 100 points and the Global Dow dropped 0.8% as weaker U.S. data combined with softer economic outlooks in China and Europe to reduce risk appetite. Treasure prices rose alongside gold on flights to safety.

Sales of existing U.S. homes fell nearly 2% in August, the first monthly decrease since March, and national economic activity fell below trend, according to the Chicago Fed. China's Finance Minister, Lou Jiwei, acknowledged that the world's second-largest economy is facing downward growth pressure. And ECB chief Mario Draghi said today that persistent Eurozone underperformance is likely to force radical stimulus measures like Fed-style quantitative easing.

The other metals failed to follow gold higher. Silver and platinum slid 0.5% while palladium dropped 1.1%.

At the Comex close: December gold added $1.30, to $1,217.90; December silver slid 8 cents to $17.70; October platinum slipped $7.10 to $1,330.20; and December palladium dropped $9.45 to $802.90 an ounce.