Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold added 0.1% to close at $3,040, another new record high, as Treasury yields fell further despite some upbeat US data and a stronger dollar. Bullion has now rallied more than 16% this year while achieving 16 record closes. Silver shed 0.6% to finish at $33.79 an ounce.

The crucial housing market showed signs of stabilizing after sales of previously owned homes increased 4.2% in February, more than expected, with rising supply bringing buyers back into the market. The increase came despite a December drop in contracts, which typically front-run sales by a couple of months.

First time jobless claims rose slightly last week, suggesting the labor market remained solid this month despite a dimmer outlook brought on by trade wars and massive cuts in government payrolls. But continuing claims rose 33,000 to hover near the three-year high hit in January.

Benchmark 10-year Treasury yields dipped further on continuing demand for the perceived safety of government debt because of tariff uncertainties. Falling yields help gold by decreasing the opportunity cost for holding it instead of bonds.

Capping gold's rise, the dollar added 0.3% against major rivals, lifted by the Fed's messaging earlier this week that it is in no hurry to cut interest rates again. A rising buck weighs on gold and other commodities by making them pricier in other currencies.

Platinum and palladium dropped 1.1% and 2.9%, respectively.

At the New York spot close: gold gained $4.10 to $3,040; silver slid 19 cents to $33.79; platinum dropped $11.20 to $985.80; and palladium shed $28 to $939.10 an ounce.