Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.3% but held above $1,200 as solid jobs data and robust wage growth boosted the dollar, eroding demand for alternative stores of value. The metal closed the week 0.5% lower.

US nonfarm payrolls added 201,000 jobs in August, meeting expectations and holding unemployment at 3.9%, an 18-year low. Perhaps more important, workers' pay rose 0.4% to push annualized wage-grow to 2.9%, the highest level since 2009.

The dollar jumped 0.4% against major rivals as traders speculated that the upbeat data, along with rising inflation, will induce the Fed to raise interest rates twice more this year. Higher rates lift the dollar by attracting foreign exchange investment seeking higher yields. A stronger buck, in turns, weigh son gold and other commodities by making them more expensive overseas.

The other precious metals were mixed on the day and lower for the week. Silver edged down 0.1% for a weekly loss of 2.7%. Platinum fell 1.3% today and 0.9% this week. Palladium rose 0.7% but still dipped 0.1% this week.

At the Comex close: December gold slipped $3.90 to $1,200.40; December silver dipped a penny to $14.17; October platinum fell $10.50 to $780.40; and December palladium gained $6.70 to $968.80 an ounce.