Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.3% to close above$1,255 as softer U.S. factory data and auto sales boosted safe-haven demand.

Manufacturing cooled in March, according to the ISM, as production and inventory drawdown both declined while employment improved. A separate report from Markit Economics found the purchasing manager index dropped to a six-month low and new orders were the least since October.

Auto sales fell to a two-year low in March, Autodata reported, as rising interest rates and falling prices for used cars took their toll. Equities slipped on the data, with the Dow and S&P 500 down around 0.2% while the Global Dow dropped 0.3%.

The New York Fed announced that total U.S. household debt will climb in 2017 to its previous peak of nearly $12.7 trillion, the highest level since 2008. Whereas debt was mostly from mortgages then, today it is primarily from student borrowing and auto loans.

The other precious metals were mostly higher, with platinum and palladium adding 0.6% each while silver dipped 0.2%.

At the Comex close: June gold rose $4.20 to $1,255.20; May silver dropped 4 cents to $18.21; July platinum added $5.80 to $958.20; and June palladium rose $4.40 to $802.55 an ounce.