Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.6% to close at a four week high just under $1,278 after the FBI announced further investigations into Hillary Clinton's email server, spurring demand for safe-haven assets. The metal finished the week 0.7% for its third straight weekly win.

FBI Director James Comey informed Congress today that he will reopen the probe into Clinton's handling of classified material through the use of a private email server. In July, the FBI exculpated Clinton while noting "carelessness." The new probe comes after the Bureau reportedly found new information during an unrelated investigation.

U.S. stocks plunged from intraday gains immediately after the announcement on concerns about the new probe's possible consequences for the U.S. presidential election. The markets generally view a Clinton presidency as preferable, if only because the policies of rival Donald Trump are relatively unclear and markets crave certainty.

The dollar also fell, losing around 0.6% against major rivals. A weaker dollar supports gold and other commodities by making them less expensive overseas.

U.S. GDP grew by 2.9% in the third quarter, more than forecast and substantially above its 1.4% growth in Q2. The main driver of was a 10% rise in exports, which was driven in large part by a temporary increase in soybean shipments to Mexico.

The uptick in growth, while modest by historical standards, reinforces the case for another rate hike from the Fed. Gold and the dollar were largely unaffected, however, as a December hike is already widely expected

The other precious metals were higher for the day and mixed for the week. Silver gained 0.9% today and 2.7% this week. Platinum added 1.7% today and 5.3% this week. Palladium picked up 0.5% but still fell 0.7% this week.

At the Comex close: December gold gained to $1,276.80; December silver added 16 cents, to finish $17.80; January platinum rose $16.50 to $981.40; and December palladium slid $3.15 to $616.35 an ounce.