Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 0.6% to close under $1,282 as traders took profits from last week's three-day rally of 1.2% and global stocks rose on upbeat Chinese data, dulling demand for safe havens.

China's industrial profits jumped nearly 14% in March, rebounding from four months of contraction and fueling optimism that the world's second-largest economy is recovering from its protracted slowdown. In addition, US trade negotiators head to China tomorrow, perhaps to close a deal that would end the tariff war that has cost both economies billions of dollars and slowed global growth.

Equities rebounded on the China outlook, with Dow adding 0.2% while the S&P 500 and Global Dow each rose 0.3%. A surge in US consumer spending also fueled risk appetite. Spending jumped nearly 1% in March while PCE core inflation slipped to 1.6%, the lowest rate since September 2017.

The dollar dipped less than 0.2% against major rivals ahead of this week's meetings of the Fed and Bank of England. Both central banks are expected to hold interest rates unchanged.

The other precious metals were also lower, with silver losing 1% while platinum and palladium dropped 0.3% and 5.9%, respectively.

At the Comex close: June gold fell $7.30 to $1,281.50; July silver dropped 16 cents to $14.93; July slid $2.30 to $901.30; and June palladium surrendered $85.20 to $1,362 an ounce.