Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold dropped 0.8% to close at a three-week low of $1,215 as US stocks rose for a second day and the dollar edged higher, depressing interest in safe havens. But the metal still posted a monthly gain of 1.6% behind dramatic monthly losses for stocks.

Solid corporate earnings and bargain-hunting propelled US equities, with the Dow rising 1.3% and the S&P 500 1.6% while the tech-heavy Nasdaq jumped 2.5%. The two-day rally wasn't enough to overcome a brutal October, however, as trade-war worries and slowing growth in China and the eurozone hammered investor confidence. The Dow fell 4.7% for the month while the S&P 500 lost 6.6% and Nasdaq plunged a whopping 9%.

Upbeat jobs data also fueled risk appetite after ADP reported the private sector created 227,000 new jobs this month, beating forecast and raising hopes that the more-authoritative US nonfarm payrolls, due Friday, will be similarly strong. However, last month's NFP total of just 134,000 jobs, the least in a year, fell far short of the private-sector's 230,000.

Worker compensation, a significant ingredient in inflation, jumped 0.8% in the third quarter, posting a year-over-year increase of 2.8%. The Chicago Fed area PMI fell to a six-month low as factory orders slowed.

The other precious metals were mixed on the day and month. Silver fell 1.2% today and dropped 2.9% this month. Platinum rose 2.4% today and 2.5% this month. Palladium gained 1.2% today but slipped 0.4% in October.

At the Comex close: December gold slid $10.30 to $1,215; December silver dropped 18 cents to $14.28; January platinum added $4, to $843; and December palladium picked up $13.50 to $1,068.50 an ounce.