Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up slightly, adding 0.1% to close above $1,295, as soft US data stifled risk appetite and gave a small boost to safe-haven buying.

Orders for long-lasting manufactured goods fell 1.6% in February for the first time in four months as the US economy slows in the first quarter. The so-called core orders, considered a key measure for business investment, fell for the fifth time in seven months.

The Dow slid around 0.3% as weakness in the pharma and consumer staples sectors combined with soft report of durable goods to change yesterday's bullish sentiment. A surprising rebound in China's manufacturing PMI and solid US ISM data drove the Dow and Global Dow 1.2% higher in yesterday's session.

The dollar rebounded from early losses to a slight gain after the UK Parliament voted against four different measures to avert Brexit chaos. Britain has twelve days to avoid crashing of the EU with no trade agreements, a worst-case scenario that would damage the economies of all nations concerned.

Rising oil prices helped to underpin gold. June Brent crude rose to a 2019 high near $70 per barrel on expectations that sanctions against Venezuela and Iran may create global shortages. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were mixed, with silver and platinum slipping 0.3% each while palladium added 0.6%.

At the Comex close: June gold rose $1.20 to $1,295.40; May silver dipped 4 cents to $15.06; July platinum dropped $2.80 cents to $852.50; and June palladium rose $8.50 to 1,400.30 an ounce.