Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold rose 0.5% to close near $1,302 as soft economic data and a weaker stock market pressured the dollar and strengthened demand for safe-haven assets.

US factory orders fell in February as slowing global growth, trade conflicts with China, and a strong dollar cut demand for exports. It was the fourth time in five months that manufacturing output shrank.

Wall Street was lower, with the Dow dropping 0.4% as investors prepared for what is projected to be a weak earnings season. The dollar also slid around 0.4% against major rivals as Fore traders shift into the relative safety of the yen and Swiss franc. A softer dollar supports gold and other commodities by making them less expense overseas.

West Texas Intermediate crude jumped 2% to more than $64 per barrel on expectations of global supply shortages because of production cuts by OPEC along and US sanctions against Iran and Venezuela. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were also higher, with silver rising 0.9% while platinum and palladium climbed 0.8% and 0.5%, respectively.

At the Comex close: June gold gained $6.30 to $1,301.90; May silver added 13 cents to $15.22; July platinum picked up $7.30 to $912.90; and June palladium climbed $7.20 to $1,353.10 an ounce.