Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold eased 0.3% to close above $1,319 sold economic data boosted the dollar, diminishing appetite for alternative stores of value. The metal ended the month down 0.6%.

The Fed's preferred measure of inflation, the PCE Index, climbed an annualized 2% in March, hitting the central bank's target for the first time in more than a year. Separately, consumer spending rose 0.4% after being flat in February, helping to boost first-quarter GDP growth to 2.3%. Consumer spending comprises around 70% of GDP.

The dollar added another 0.2% as traders speculated that higher inflation may prompt the Fed to accelerate the pace of interest rate hikes. Weakness in the pound and euro because of softening inflation in the UK, France, and Germany also boosted the buck, which rose 1.8% in April for its best month in more than a year. A rising dollar pressures gold and other commodities by making them more expensive overseas.

The other precious metals were lower for the day and mixed for the month. Silver dropped 0.6% today and 0.8% in April. Platinum lost 1.3% on the day and 3% on the month. Palladium slid 0.3% today and 1.8% this month.

At the Comex close: June gold slid $4.20 to $1,319.20; July silver fell 10 to $16.40; July platinum dropped $12 to $904.40; and June palladium dipped $2.45 to $960.55 an ounce.