Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.6% to close above $1,201 as upbeat reports on US industrial production and consumer sentiment rallied the dollar, pressuring alternative assets. The metal ended the week with a gain of less than 0.1%.

Overcoming the headwinds of trade tensions, US manufacturing output rose 0.4% in August for its third straight month of gains. Auto production led the way by gaining 4%. Over the past year, overall industrial production is up 4.9%.

The University of Michigan reported consumer sentiment rose to the second-highest level since 2004 on the strength of low unemployment and subdued inflation expectations.

The dollar rebounded on the solid data, climbing nearly 0.5% against major rivals. A stronger dollar weighs on gold and other commodities priced in it for global trade by making them more expensive overseas.

The other precious metals were mixed for the day and week. Silver lost 0.7% today and 0.2% this week. Platinum fell 0.6% but held a weekly gain of 2.3%. Palladium rose 0.2% for the day and week.

At the Comex close: December gold dropped $7.10 to $1,201.10; December silver lost 10 cents to $14.14; October platinum slid $4.70 to $798.60; and December palladium added $1.80, to $970.50 an ounce.