Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold dipped 0.3% to close at $1,208.30 as upbeat economic data boosted the dollar and equities. The metal then recouped almost all that loss, rising back above $1,211 in electronic trade, after the Fed held interest rates unchanged and gave no indication of the timing of future hikes.

Private payrolls added 246,000 jobs in January, far more than forecast and the most since June, according to ADP. The total may have been elevated because of unseasonably warm weather, analysts said, but it bodes well for the more-authoritative nonfarm payrolls report due on Friday.

U.S. manufacturing rose by the most in more than two years in January, the ISM reported, and the outlook is positive for Q1. Facing headwinds from the strong dollar and weak global demand, manufacturing has lagged the rest of the economy in recent years.

The dollar traded higher after the data, rising from a two-month low and pressuring gold and other commodities denominated in it for international trade. But it surrendered most of its gains after the FOMC held steady on rates following its two-day meeting.

The other precious metals were mixed. Silver closed 0.5% lower but then rebounded to a 0.3% gain following the Fed statement. Platinum and palladium gained 0.3% and 1.1%, respectively.

At the Comex close: April gold dipped $3.10 to close at $1,208.30; March silver dropped 9 cents to $17.45; April platinum added $3.30, to $999.80; and March palladium gained $8.60 to $762.90 an ounce.