Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold slid 0.6% in volatile trade as upbeat U.S. economic data reduced safe-haven demand. Consumer confidence jumped to a five-year high in May, driven by rising property and stock values. And home prices accelerated by the most in seven years in March as the Case-Shiller index climbed 10.9% year over year. Earlier in the session, gold had climbed as high as $1,402 before falling back to close just under $1,380 on worries that the positive economic reports may undermine the case for continued monetary easing. The Dow and the Global Dow both added 0.7% and the dollar rallied against most major rivals, further pressuring the gold price. The other metals were mixed, with silver falling by 1.4% while platinum and palladium gained 0.7% and 4.2%, respectively, on rising industrial demand.

At the Comex close: August gold slid $7.80 to $1,379.70; July silver dropped 30 cents to $22.19; July platinum gained $9.90 to $1,461.80; and June palladium jumped $30.55 to $757 an ounce.