Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 1% to close at $1,342 as traders took profits from a 3% rise over four days of gains. News of a pending trade deal with South Korea also pressured the metal by boosting the dollar and reducing demand for safe havens.

A trade agreement with South Korea is expected to be finalized within days, delivering President Trump his first major win on trade since he announced tariffs on steel and aluminum several weeks ago. The deal would come at a time when the US is entering into talks with North Korea about it nuclear weapons program. It could help diffuse tensions with the belligerent neighbor by improving relations with South Korea and creating a unified front.

Global equities were initially higher as risk appetite returned to the market. But woes in the tech sector pulled major indexes lower as Facebook comes under increasing pressure from its treatment of private user data.

The dollar was higher for most of the session, scoring a gain of 0.3% over major rivals as the Eurozone's economic confidence indicator dropped in March for the third straight month, undermining the euro. A stronger dollar weighs gold and other commodities priced in it for international trade by making them more expensive overseas.

Also pressuring gold, oil fell 1% to under $65 per barrel after data from the American Petroleum Institute showed an unexpected increase in domestic crude supplies. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were mostly lower, with silver and platinum dropping 0.8% and 1%, respectively, while outlier palladium added 0.4%.

At the Comex close: April gold lost $13 to $1,342; May silver slid 14 cents to $16.54; July platinum fell $9.70 to $946.70; and June palladium added $4.05 to $971.80 an ounce.