Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— Gold fell 1.4% to finish under $1,187, an April low, as upbeat U.S. housing data boosted the dollar, diminishing demand for alternative assets.

Existing-home sales surged 6.1% in March, the most in 18 months, rebounding from a slow winter. The surprisingly strong data resulted from the combination of low interest rates and improvements in the labor market, according to the National Association of Realtors. A separate report showed home prices rising 0.7% in March, for an annualized gain of 5.4% over the past twelve months.

The dollar bounced higher and Treasury yields rose on the better housing news as traders speculated that it could nudge the Fed closer to raising interest rates. New signals on the timing of the first hike since 2006 should follow next week's meeting of the FOMC.

The other precious metals tracked lower with gold. Silver dropped 1.3% whie platinum and palladium fell 2% and 2.4%, respectively.

At the Comex close: June gold fell $16.20 to $1,186.90; May silver dropped 21 cents to $15.79; July platinum lost $22.80 to $1,129.70; and June palladium declined by $18.65 to $755.90 an ounce.