Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 2.8% to close at a one-week low under $1,597 as better-than-expected economic data from the US and China eroded safe-haven demand. The metal still gained 1.9% for the month and 4.8% for the quarter, scoring its sixth straight quarterly rise.

US consumer confidence fell in March from 132 to 120 in the Conference Board index as the scope of the coronavirus pandemic came into focus for American households. While the reading was the lowest in 32 months, it was nonetheless better than most economists were forecasting.

Manufacturing and non-manufacturing activity in China rebounded sharply in March, offering some hope that other economies may come back quickly once the spread of COVID-19 is contained. The official services PMI climbed from under 30 to 52, while manufacturing rose from 35 to 52, where anything above 50 means expansion.

Despite the somewhat upbeat data, US equities fell again as investors shifted toward cash, with the Dow dropping 1.8% while the S&P 500 lost 1.6%. Both indexes ended the quarter with losses exceeding 20%, plunging them firmly into bear territory as investors grew fearful of a lasting recession because of the coronavirus.

The dollar rose against the euro and Swiss franc but slipped against other major rivals on concerns that massive monetary easing from the Fed will undercut the currency in the longer term. The buck still rose 2.8% for the quarter, capping gold's gains, on safe-haven inflows.

The other precious metals were higher for the day and lower for the quarter. Silver added 0.2% today but lost 21% in Q1. Platinum climbed 0.8% for the session but fell 21% for the quarter. Palladium jumped 4.9% today but shed 8% this quarter.

At the Comex close: June gold dropped $46.60 to $1,596.60; May silver picked up 2 cents to $14.16; July platinum added $61.0, to $729.90; and June palladium climbed $107.20 to $2,304.80 an ounce.