Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold traded nearly flat, inching down 20 cents to close at $1,310.60, with markets treading water as the Fed commenced its two-day meeting on monetary policy. The metal then perked up into gains in after-hours trade after Present Trump threatened to "totally destroy" North Korea.

The dollar slipped 0.2% against major rivals, surrendering yesterday's gains in preparation for tomorrow's post-meeting statement and press conference by Janet Yellen. Analysts expect the central bank to leave rates unchanged while announcing a small reduction in its $4.5 trillion balance sheet. Any suggestion that a December hike is likely would boost the dollar and pressure gold.

Gold received late support from safe-haven inflows after President Trump, in his first speech to UN, called North Korea a "depraved regime" and threatened its complete annihilation in response to any military aggression. The safe-haven momentum carried into electronic trading after hours, boosting the metal above $1,314.

Mixed economic data had negligible impact on trading. Housing starts dipped in August while building permits rose. The Atlanta Fed's GDPNow forecast held GDP growth unchanged at 2.2% for Q3, down from 3% last week.

The other precious metals were mixed, with silver gaining 0.7% while platinum and palladium fell 1% and 2.8%, respectively.

At the Comex close: December gold inched 20 cents lower $1,310.60; December silver gained 12 cents to $17.28; October platinum dropped $9.90 to $951.20; and December palladium plunged $26.15 to $904.30 an ounce.