Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Rising for the sixth time in seven sessions, gold edged up less than 0.1% to close near $1,284 as geopolitical concerns overcame rallying U.S. equities to support safe-haven demand.

The Dow jumped around 200 points, or 1%, as solid earnings data from blue chip firms helped to buoy optimism about rising corporate profits. Sentiment was also bolstered by reports that House Republicans are working toward new agreement to roll back the Affordable Care Act.

The rise in risk appetite came despite data showing factory activity in the Philadelphia Fed region weakened in March. The report followed Fed data earlier this week showing national industrial production declined 0.4% during the same period.

Worries about this weekend's French presidential election helped to build interest in safe havens. With only days to go, four candidates are neck and neck and the fate of the eurozone could hang in the balance. Both Jean-Luc Melenchon of the far-left and Marine Le Pen of the far-right are calling for Frexit, or a French exit from the EU, which would deliver a possibly mortal blow to the euro.

Further supporting gold, North Korea today vowed a "super-mighty pre-emptive strike" that would reduce the U.S. and South Korea "to ashes." The latest escalation in saber-rattling came after Vice President Mike Pence, touring Asia, said the "era of strategic patience" with North Korea is over.

The other precious metals were mostly higher, with platinum and palladium rising 1.1% and 3.5%, respectively, while silver fell 0.8%.

At the Comex close: June gold edged up 40 cents to $1,283.80; May silver lost 14 cents to $18.02; July platinum gained $11 to $979.60; and June palladium jumped $27.30 to $802.90 an ounce.