Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold slipped 0.4% to close just under $1,254 as most markets pulled back slightly ahead of tonight's much-ballyhooed address of Congress by President Trump. The metal closed February with a gain of 3.5% to post its second straight monthly win.

Stocks, Treasury yields, and the dollar slipped as traders await details on Trump's plans to boost the economy. Campaign promises to spend $1 trillion on infrastructure stimulus while slashing taxes on individuals and corporations, released the "animal spirits" of the stock market in recent months, boosting equities to record highs.

If the President does not deliver concrete policies on how to achieve those promises, the stock markets could be in for a serious correction. If he does deliver, demand for safe havens could be checked while risk appetite is rekindled.

Gold was also pressured by Conference Board data showing consumer confidence at a 15-year high in February, bolstered by the strongest job market since the financial crisis in 2009.

The other precious metals were mixed on the day but unfirmly higher for the month. Silver added 0.3% to post a monthly gain of 5.3%. Platinum slid 0.8% but rose 3.5% in February. Palladium fell 1.7% but still gained 2.3% for the month.

At the Comex close: April gold slipped $4.90 to $1,253.90; May silver rose 5 cents to $18.47; April platinum dropped $7.90 to $1,031; and June palladium lost $13.30 to $771.70 an ounce.