Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold was virtually flat, inching down a dime to hold above $1,295, as haven support from a weaker dollar and soft US data was offset by rising risk appetite because of US-China trade progress.

The Financial Times reported that the US and China are close to a trade deal, with roughly 90% of their differences resolved. Stubborn sticking points over removing tariffs on Chinese goods and ensuring a enforcement mechanism for trade violations remain, however. Negotiations continue this week in Washington.

Equities initially jumped on the trade news, with the Dow adding 0.3% and the tech-heavy Nasdaq 1%, pulling investors away from safe-haven assets. But weak US economic reports took their toll late in the session, dragging the Dow back into the red and cutting Nasdaq's gains to 0.3%.

The US services industry slowed in March to the slowest pace in 19 months, according to the ISM non-manufacturing index. With 16 of the 19 industries tracked remaining in expansion, the data signaled a moderate slowdown in companies like banks, retailers, and tech developers.

The ADP reported job growth in the private sector fell to an 18-month low in March, with 129,000 jobs added, well below forecasts.

The dollar lost 0.2% against major rivals on the soft data, lending support to gold and other commodities prices in it for global trade by making them less expensive overseas.

The other precious metals were mixed, with silver and platinum rising 0.3% and 2.5%, respectively, while palladium lost 1.4%.

At the Comex close: June gold dipped 10 cents to $1,295.30; May silver added 4 cents, to $15.10; July platinum gained $21.70 to $874.20; and June palladium dropped $22.20 to $1,378.10 an ounce.