Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold dipped 0.2% but held above $1,247 as traders took profits from its five-session winning streak and the dollar stabilized, reducing demand for alternative stores of value.

After falling 0.5% this week, the dollar edged up 0.1% after the Commerce Department reported sales of new homes jumped by more than 6% in February, the fastest pace in seven months. A rising dollar can pressure gold and other commodities priced in it for international trade by making them more expensive overseas.

The buck's gains were muted, however, by growing uncertainty over whether President Trump will be able to pass his promised repeal and replacement of the Affordable Care Act. Congressional support for the controversial bill wavered today, causing a postponement of the vote as Trump tries to make a deal with the resistant House Freedom Caucus.

U.S. equities also slipped into mild losses on concerns for Trump's legislative agenda. Traders worry that a defeat over health care could hamper his ability to persuade conservatives to spend $1 trillion on infrastructure rebuilding.

The other precious metals broke with gold, as silver added 0.1% while platinum picked up 0.2%. Palladium surged 1.4% on reports of a strong rise in European car sales in February. Palladium is widely used in automotive catalytic converters.

At the Comex close: April gold dipped $2.50 to $1,247.20; May silver added almost 2 cents, to $17.59; April platinum picked up $1.90 to $963.80; and June palladium surged $10.70 to $800.15 an ounce.