Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.1% to close under $2,036 despite falling yields and another round of weak US data as the dollar bounced on bargain-hunting, pressuring alternative stores of value. The metal rallied above $2,049 in intraday trading before pulling back on profit-taking.

US private payrolls added just 145,000 jobs in March, ADP reported today, well under the 210,000 forecast and February's 242,000. ADP's chief economist said the lower print "is one of several signals that the economy is slowing."

The more definitive government nonfarm payrolls report will be released on Friday.

The ISM services index fell to a three-month low of 51.2% in March. Service companies like banks, restaurants, and retailers make up around two-thirds of the economy, which is increasingly showing signs of stress from high inflation, high interest rates, and recent bank struggles.

The US trade deficit expanded in February to a four-month high, with both imports and exports declining on weaker demand and slower growth.

10-year Treasury yields slid to just above 3.3% as investors fled into the perceived safety of US government debt. The benchmark yield now has fallen for six straight session to reach the lowest level in seven months. Lower yields help gold by decreasing the opportunity cost for holding it instead of bonds.

The dollar rebounded 0.4%, rising from a two-month low, as Forex traders hunted bargains after several days of dollar losses. Hawkish words from Cleveland Fed President Loretta Mester, who said rates will need to go higher and stay there to combat inflation, also boosted the buck.

The other precious metals were also lower, with silver sliding 0.3% while platinum and palladium both dropped 2.1%.

At the Comex close: June gold dipped $2.60 to $2,035.60; May silver shed 6 cents to at $25.04; July platinum lost $21.60 to $1,007.40; and June palladium fell $30.40 to $1,425.300 an ounce.