Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold edged slightly lower, dipping less than 0.1% to close under $1,236, as rising equities and the dollar cut into demand for alternative assets. The metal finished 1.2% higher for the week to notch its second straight weekly win, and is up more than 7% in 2017.

The Dow and S&P 500 extended their rallies, adding 0.5% and 0.4%, respectively, to reach new highs as yesterday's teaser announcement of a "phenomenal" tax plan by President Trump added to optimism about growth. While no details have been forthcoming, traders were encouraged by Trump's turn toward economic issues after weeks of controversy.

Upbeat data from China also stoked risk appetite, as Chinese exports rose nearly 8%, year-over-year, and imports jumped more than 16%.

The dollar pushed slightly higher, adding 0.1% against major rivals, on speculation that lower taxes may spur growth and inflation, causing the Fed to accelerate the pace of rate hikes. A rising dollar typically pressures gold and other commodities denominated in it for international trade by making them more expensive overseas.

The buck's gains were capped, however, by falling consumer sentiment as some of the post-election euphoria for a Trump presidency has fizzled in recent weeks.

The other precious metals were mixed for the day but higher for the week. Silver rose 1.1% today for a weekly gain of 2.6%. Platinum fell 1% but still rose 0.5% for the week. Palladium jumped 1.4% today and 4.6% this week.

At the Comex close: April gold edged down 90 cents to $1,235.90; March silver gained 19 cents to $17.93; April platinum fell $10.50 to $1,011.70; and March palladium jumped $10.55 to $783.10 an ounce.