Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped less than 0.1% to close under $1,275 for the first time since early August as equities rose to record highs, dulling interest in safe havens.

Boosted by tech shares and automakers, US stock indexes pushed higher into record territory, with the Dow rising 0.4% while the S&P 500 and Nasdaq added 0.2%. Optimism over the Republican plan to slash corporate taxes is fueling risk appetite, supported by yesterday's upbeat data on US manufacturing growth.

The dollar treaded water, holding near seven-week highs against major rivals, as traders speculate that the Fed will raise interest rates again this year. CME FedWatch raised the odds to nearly 82% for a December hike, up from 71% yesterday. Higher rates boost the buck by attracting foreign exchange investment seeking higher yield, pressuring gold in turn by making it more expensive for users of other currencies.

The other precious metals were mostly lower, with silver and platinum slipping around 0.1% while palladium picked up 0.6%.

At the Comex close: December gold dipped $1.20 to $1,274.60; December silver dropped half a penny to $16.65; January platinum slid $1.10 to $915.50; and December palladium added $5.60, to $916.90 an ounce.