Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— Gold fell 0.6% in volatile trade to close at a two-week low under $1,193, pressured by ongoing bets that the Fed may raise interest rates as early as June.

The metal has been under pressure since last week's release of minutes from the Fed's March meeting stating that "several participants" supported a June liftoff. Similar comments yesterday by regional Fed presidents John Williams and Jeffrey Lacker reinforced the sentiment.

After falling as low as $1,183 early in the session, the metal rebounded strongly to as high as $1,199 after the Commerce Department reported disappointing retail sales for March. Purchases grew 0.9% for the first rise in four months but still fell short of forecasts, suggesting that 70% of the economy is still held back by slow wage growth.

Gold's declines were further limited by news that the IMF cut its U.S growth forecast again for 2015, by half-a-point to 3.1%. And U.S. small business confidence fell last month in line with weaker data on manufacturing and employment growth.

The other precious metals also finished lower. Silver dropped 0.8% while platinum dipped slightly and palladium lost 1.2%

At the Comex close: June gold delivery fell $6.70 to $1,192.60; May silver dropped 13 cents to $16.16; July platinum dipped 20 cents to $1,153.70; and June palladium lost $8.90 to $762.50 an ounce.