Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold surged 1.1% to close above $1,531 as weak economic data from the Eurozone stoked concerns about global growth, fueling demand for safe-haven assets. It was the metal's highest finish in more than two weeks.

Eurozone manufacturing sentiment fell to the lowest level in almost seven years, with Germany's PMI posting its worst reading in more than a decade. A deepening malaise in factory production appears to be spreading to the services sector in Europe's largest economy, pushing the region closer to recession.

US Treasurys and German Bunds rallied alongside gold on the downbeat data, pushing yields lower as global investors fled to safety.

Gold's gains were capped by small gains on Wall Street after Markit's PMI showed US manufacturing has risen in September, suggesting that the economy is stabilizing after a bout of weakness over the summer. The Dow, S&P 500, and Nasdaq all rose around 0.2%.

The other precious metals were also higher, with silver soaring 4.8% while platinum rose 1.2% and palladium edged up slightly.

At the Comex close: December gold gained $16.40 to $1,531.50; December silver soared 86 cents to $18.7; October platinum picked up $11.30 to $953.90; and December palladium edged up 60 cents to $1,625.60 an ounce.