Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold inched down 80 cents to close at $1,276 as pressure from a rallying dollar was largely offset by worries over soft US factory data and new economic weakness in the Eurozone. With markets closed tomorrow for Good Friday, the metal finished the shortened week down 1.5%, undercut in part by Venezuela's sale of $400 million in gold reserves earlier on Tuesday.

The Eurozone composite PMI weakened further in April, according to IHS Markit, with both manufacturing and services industries losing ground as the bloc's economy ebbs toward recession. Manufacturing output in Germany, the region's economic engine, hovered around an 80-month low.

In the US, the Philly Fed region's manufacturing index plunged to a three-year low in April, with the outlook for future activity falling to the lowest mark in more than two-years. On the plus side, retail sales jumped 1.6% in March, beating expectations, for its biggest rise in 18 months.

The dollar rose nearly 0.5% against major rivals as the weak Eurozone PMI tanked the euro. A rising dollar tends to weigh on gold and other commodities priced in it for global trade by making them more expensive overseas.

The other precious metals were higher for the day and mixed for the week. Silver edged up 0.1% today but was down 0.1% for the week. Platinum added 1.4% today and 0.6% this week, while palladium also rose 1.4% for a weekly win of 3.6%.

At the Comex close: June gold dipped 80 cents to $1,276; May silver rose 2 cents to $14.96; July platinum gained $12.40 to $903.70; and June palladium climbed $19.90 to $1,398.50 an ounce.