Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold slipped another 0.2%, steadying just above $1,257 after losing 3% over four sessions, as improving employment and housing data were largely offset by reports that the economy contracted for the first time in three years.

Initial jobless claims fell 27,000 last week in a hopeful sign that the pace of firings and layoffs is slowing. Pending sales of homes rose in April by the most since November, signaling a potential rebound in the moribund housing market. Risk appetite improved on the data, driving the S&P 500 up 0.5% to a new record high and diverting money from safe havens like gold and silver.

Not all U.S. economic news was good. The Commerce Department reported that GDP shrank by an annual rate of 1% in the first quarter, the economy�s first contraction since 2011. While the underperformance was largely attributed to bad weather, traders saw enough storm clouds to cause gold to bounce $10 from intraday lows of $1,252 before settling back by $5 at the close. The other precious metals tracked gold lower, with silver and platinum also sliding 0.2% while palladium lost 0.7%.

At the Comex close: August gold slipped $2.60 to $1,257.10; July dipped 4 cents to $19.01; July platinum dipped $2.60 to $1,460.10; and September palladium lost $6.25 to $834.50 an ounce.