Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold slid 0.8% to close at $2,647 on profit-taking from yesterday's 1.2% surge. Rises in Treasury yields and the dollar pressured the metal as investors await this week's nonfarm payrolls data and further developments in the Middle East. Silver slipped 0.6% to end at $31.63 an ounce.

ADP reported 143,000 jobs were added to private payrolls in September, beating median forecasts of 128,000. But it was the sixth straight month of employment gains under 200,000, indicating that the labor market is cooling.

Friday's release of the government's nonfarm payrolls report will give a better sense of the health of the job market.

Benchmark 10-ywear Treasury yields ticked up slightly from one-week lows on the ADP report and relief that Iran's bombardment of Israel has not provoked a wider war so far. Higher yields weigh on gold by increasing the opportunity cost for holding it instead of bonds for safety.

The dollar added another 0.4% against major rivals as Forex traders continued to seek it out as a safe-haven currency. A rising buck pressures gold and other commodities by making them more expensive overseas.

Bullion has gained 29% so far this year on monetary easing and global tensions.

Platinum and palladium added 1/6% and 2.4%, respectively.

At the New York spot close: gold slid $202.0 to $2,647.10; silver slipped 18 cents to $31.63; palladium added $16 to $1,004.40; and palladium rose $23.40 to $1,018.70 an ounce.