Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold added 0.2% to close near $2,741 as the dollar and Treasury yields edged slightly lower, boosting alternative assets. Bullion gained 0.2% for the week, posting its third straight weekly win, and has now risen more than 32% this year. Silver inched down a penny to end at $33.60, posting a weekly loss of 0.6%.

The dollar lost 0.2% against major rivals after orders for durable goods fell 1% in September, signaling that the slump in US manufacturing continues. But core orders, seen as a proxy for business investment, rose 0.5%. A weaker dollar boosts gold and other commodities by making them less expensive overseas.

Separately, the University of Michigan reported consumer sentiment rose to a six-month high as Republicans grew more confident and Democrats less confident in their candidate's chances of winning the White House.

Uncertainty over the extremely close race has been feeding demand for safe haven like gold, along with the deepening conflict in the Middle East. Expectations that the Fed will further reduce interest rates, albeit at a slower pace, are also supporting the metal.

Benchmark 10-year Treasury yields were virtually unchanged, hovering near three-month highs.

Platinum was nearly flat for the day and down 0.2% for the week. Palladium, added another 3.3% today for a weekly gain of 10.8%, driven by the prospect of new sanctions against Russia, a leading producer.

At the New York spot close: gold gained $6 to $2,740.90; silver dipped a cent to $33.60; platinum edged down 50 cents to $1,023.60; and palladium rose $38.80 to $1,202.70 an ounce.