Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinExtending last week's 0.8% increase, gold gained another 0.2% to close near $1,351 as rising geopolitical tensions with China and Russia pressured the dollar, boosting demand for alternative stores of value.

President Trump branded China and Russia currency manipulators, tweeting today that they are playing an unacceptable "currency devaluation game" as the US raises interest rates. The claim contradicted a Treasury report released on Friday that declined to name China as a currency manipulator.

The dollar fell 0.4% against major rivals under pressure from the growing discord between the US and China over trade, and between the US and Russia over Syria. President Trump criticized Moscow's allegiance with the Assad government before launching a coalition missile strike on Friday against Syrian chemical weapons factories.

Gold was little affected by mixed economic data. Retail sales rose 0.6% in March, breaking a three-month losing streak as auto sales surged 2%. On the other hand, homebuilder confidence slipped for the fourth straight month in April. And the Atlanta Fed lowered their real GDP growth forecast to 1.9% for the first quarter.

The other precious metals were mostly higher, with silver and palladium adding 0.1% and 2.3%, respectively, while platinum jumped 2.3%.

At the Comex close: June gold added $2.80, to $1,350.70; May silver picked up 2 cents to $16.68; July platinum dipped $1.30 to $931.80; and June palladium climbed $22.80 to $1,003.75 an ounce.