Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.6% to close at $1,290 as the dollar and global equities retreated on Eurozone tensions, boosting demand for alternative assets.

Spain declared today that it will suspend Catalonia's autonomy and impose direct rule after the region's leaders pushed ahead with a vote to declare independence. In addition, European Union leaders told Britain its concessions on EU members living in the UK were inadequate, raising new questions about the viability of Brexit talks.

Global equities receded from record highs, with European shares marking their biggest losses in two months on the Spanish turmoil and renewed Brexit uncertainty. US pulled back slightly on soft earnings reports from several tech companies, including Apple. Treasury yields fell and prices rose as investors shifted from risk to safety.

The dollar dropped 0.2% against major rivals as traders shifted into the Swiss franc and euro. The buck rose slightly from session lows, however, after the Philly Fed region reported manufacturing rose to a five-month high in October despite a plunge in new orders. A softer dollar supports gold and other commodities by making them less expensive overseas.

The other precious metals were mostly higher, with silver jumping 1.5% while platinum added 0.1% and palladium dipped 15 cents.

At the Comex close: December gold gained $7 to $1,290; December silver jumped 26 cents to $17.26; January platinum added $1,30, to $925.90; and December palladium inched down 15 cents to $952.80 an ounce.