Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold fell 0.8% to close at $1,243.70, breaking a three-day winning streak as robust jobs data sparked rising risk appetite and reduced demand for alternative assets.

ADP said the private sector added 263,000 jobs in March, easily beating forecasts, with the strongest gains coming construction, manufacturing, a mining. It was the second highest reading in more than two years and augurs well for the more-definitive nonfarm payroll report due Friday.

U.S. stocks rallied, with the Dow and S&P 500 adding around 0.3%, on optimism that rising employment will translate into increased GDP growth this year. Gains were capped by ISM data showing the services sector in March to the lowest level since last November.

The dollar edged higher after the minutes from the Fed's March meeting showed members discussing ways to begin reducing the $4.5 trillion balance sheet amassed through monetary easing programs. A stronger dollar tends to weigh on gold and other commodities by making them more expensive overseas.

The other precious metals were mixed, with silver and platinum sliding 0.7% and 0.5% while palladium edged up less than 0.1%.

At the Comex close: June gold fell $9.90 to $1,243.70; May silver for delivery lost 13 cents to $18.18; July platinum dropped $4.90 to $959.60; and June palladium edged up 80 cents to $807.75 an ounce.