Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold dipped 0.2% to close under $1,254 as the dollar edged higher on upbeat U.S. housing data, reducing demand for alternative stores of value.

Pending home sales surged in February to a 10-month, according to the National Association of Realtors, beating forecasts. The rise bodies well for a strong spring in the crucial housing market despite higher mortgage rates and prices.

The dollar rose 0.3% against major rivals, pressuring gold and other commodities denominated in it for international trade by making them more expensive overseas. Most of the buck's gains came against the UK pound, which fell after PM Theresa May formally triggered Britain's exit from the European Union today.

A fall in the euro also supported the dollar after reports that the ECB will not reduce quantitative easing when it meets next in April. Tantamount to printing money, QE devalues a nation's currency my increasing the amount of available cash in circulation.

The other precious metals were mostly lower as platinum and palladium lost 0.5$ and 0.3% while silver stayed flat.

At the Comex close: April gold dipped $1.90 to $1,253.70; May silver was unchanged at $18.25; April platinum dropped $4.90 to $952.50; and June palladium slid $2,49 to $790.20 an ounce.