Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold edged down 0.4% to close at a two-week low above 1,288 as improving U.S. economic indicators reduced safe-haven demand. The Conference Board reported a stronger outlook for growth over the next three to six months, led by increases in manufacturing output and a better labor market. Growth is expected to rise to 2.7% this year after just 1.9% in 2013. The absence of deeper military conflict between the Ukraine and Russia also blunted gold's appeal, contributing to sharp outflows from bullion-backed ETFs.

The better economic news bolstered the dollar, which rose against most major rivals and reached a two-week high against the yen. A stronger dollar weighs on the price of precious metals and other commodities denominated in the U.S currency for international trade by making them more expensive to holders of other currencies. The other metals fell harder than gold, with silver losing 1.3% while platinum and palladium dropped 2% and 3.6%, respectively.

At the Comex close: June gold edged down $5.40 to $1,288.50; May silver lost 25 cents to $19.35; July platinum dropped $28 to $1,400.70; June palladium plunged $29.30 to end at $777.80 an ounce.