Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold slipped 0.5% to close under $1,253 as traders took profits from a six-session winning streak and equities rallied on upbeat economic data, stemming demand for safe havens.

The number of unemployed workers fell in mid-May to the lowest level in 29 years, the Labor Department reported today, signaling strength in job market despite painfully slow GDP growth of 0.8% in the first quarter.

The Philadelphia Fed region posted a solid jump in manufacturing this month, exceeding forecasts and suggesting firmer footing for this beleaguered sector despite a negative reading in the New York Fed region during the same period.

U.S. stocks rose on the upbeat economic news, overcoming yesterday's selloff in the face of political turmoil plaguing Washington. The Dow bounced 0.5% while the S&P 500 picked up 0.6%.

The dollar also rebounded, breaking a four-day losing streak to add 0.6% against major rivals, as traders speculated that the stronger recent data may put the Fed on track for a June rate hike. A rising dollar pressures gold and other commodities denominated in it for international trade by making them more expensive overseas.

The other precious were also lower, with silver falling 1.4% while platinum and palladium lost 1% and 1.5%, respectively.

At the Comex close: June gold slipped $5.90 to $1,252.80; July silver lost 24 cents to $16.67; July platinum slid $9.30 to $936.80; and June palladium dropped $11.55 to $765.45 an ounce.