Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.8%, reversing a two-day slide to close near $1,230, as downbeat economic data pressured equities and boosted demand for safe havens.

The Commerce Department reported that U.S. trade data weakened in February, widening the trade gap and signaling slower growth during the first quarter. The Atlanta Fed cut its forecast for real GDP growth in Q2 from a meager 0.9% last week to just 0.4% this week.

Factory orders in Germany plunged unexpectedly to a six-month low, raising global concern that the Eurozone's largest and strongest economy is succumbing to the malaise affecting the rest of the union.

IMF Chief Christine Lagarde warned today that the global economy will decline further unless additional, concerted action is taken by central banks to stimulate growth. Worries are also returning about Greece meeting its bailout obligations to international creditors.

Equities rolled back on the soft data, with the Dow falling more than 0.7% and the Global Dow 1.5%. Forecasts of lower corporate earnings also pressured U.S. stocks, lowering risk appetite despite data from the ISM showing the U.S. services sector rose to the highest level in three months.

The other precious were mixed, with silver and platinum rising 1.2% and 0.8% while outlier palladium dropped 1.6%.

At the Comex close: June gold gained $10.20 to $1,229.50; May silver jumped 17 cents to $15.12; July platinum picked up $8.10, to $951.60; and June palladium sank by $8.75 to $543.65 an ounce.