Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold rose 0.1% to close near $1,296 as upbeat jobs data and hopes for a trade deal with China boosted stocks and the dollar, dulling demand for alternative assets. The metal ended the week 0.2% lower, under pressure from rising risk appetite.

US nonfarm payrolls added 196,000 new jobs in March, beating forecasts, and the jobless rate held near a 50-year low of 3.8%. February's gains were revised up from 20,000 to 33,000.

Global equities rose to a six-month high as the robust report helped to fuel optimism that world's largest economy may be rebounding after a significant slowdown over the past few months. Positive signals from the White House about progress in US-China trade talks also helped to fuel risk appetite.

The dollar added 0.2% against major rivals, largely because the UK pound sold off on deepening Brexit confusion. After failing for a second time to gain support from the Labor Party for her Brexit plan, PM Theresa May has requested an extension from the EU until the end of June.

Gold received support from sharply higher oil prices. Brent crude rose 1% to more than $70 per barrel as the upbeat US jobs data helped alleviate worries about slowing global growth, and therefore reduced demand for oil. In addition, political turmoil in Libya added to supply concerns after a Libyan military commander ordered his troops to March on Tripoli.

The other precious metals mixed on the day and week. Silver slid less than 0.1% today and 0.2% this week. Platinum added 0.1% today for a weekly jump of 6%. And palladium rose 1% for the session and 0.3% for the week.

At the Comex close: June gold added $1.30, to $1,295.60; May silver lost less than a penny to $15.09; July platinum rose 90 cents to $905.40; and June palladium climbed $13.60 to $1,345.90 an ounce.