Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold slid for a third session to close just under $1,201 as slightly better U.S. data boosted the dollar, reducing demand for alternative stores of value.

ADP reported that the private sector added 212,000 jobs last month, well under January's revised total of 250,000 and fewer than expected but still a solid showing. The more important nonfarm payrolls report, due on Friday, is forecast to register job-gains of 238,000, down from 257,000 the month before.

Two days after reporting that U.S. manufacturing expanded at its slowest pace in a year, the ISM today said the services sector grew a little faster in February, edging up to 56.9% from 56.7% in January, as measured by its non-manufacturing index.

The dollar rose to an 11-year high against the euro despite stronger economic reports from the Eurozone this week, driven by record-low yields on European bonds and speculation that the Fed will raise interest rates sooner than the ECB. A rising dollar pressures gold and other commodities denominated in it for international trade by making them more expensive to holders of other currencies.

The other precious metals tracked lower with gold. Silver lost 0.9% while platinum and palladium fell 0.7% and 0.1%, respectively.

At the Comex close: April gold slid $3.50 to $1,200.90; May silver lost 14 cents to $16.16; April platinum fell $7.90 to $1,181.70; and June palladium edged down $1 to $830.65 an ounce.