Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.1% to close under $1,350 as the dollar edged higher on upbeat data and stocks rebounded, diminishing demand for alternative assets.

Industrial production rose 0.5% in March, beating expectations, and auto production jumped 2.7% to the highest level in 17 months. The Empire State manufacturing index slipped in April, however, as rumblings of trade wars dimmed the outlook for the longer term.

Housing starts rose 2% in March, the Commerce Department reported, and year-to-date starts are 8% higher than a year ago, signaling ongoing strength in the housing market despite yesterday's report of declining homebuilder confidence.

US stocks bounced higher on the positive data and optimism over first quarter earnings. The Dow and S&P 500 rose around 1% while Nasdaq jumped nearly 1.8%.

The dollar picked up 0.2% as Eurozone and UK economic data disappointed. Economic sentiment in Germany fell in April, and wage-growth in Britain fell short of forecasts. A rising dollar pressures gold by making it more expensive in other currencies.

The other precious metals finished higher, with silver adding 0.7% while platinum and palladium rose 0.9% and 0.1%, respectively.

At the Comex close: June gold dipped $1.20 to $1,349.50; May silver gained 11 cents to $16.79; July platinum rose $8.20 to $940; and June palladium edged up $1.25 to $1,005 an ounce.