Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped less than 0.1% to close at $1,336.50 as the dollar rose on follow-through from Friday's solid jobs report. The metal then rebounded above $1,341 in electronic trade after US equities plunged late in the day, spurring flights to safety.

Following Friday's report that the economy added 200,000 jobs and wages rose sharply in January, the dollar added 0.3% today as traders speculated that higher average incomes may translate into stronger inflation, prompting the Fed to accelerate rate hikes.

Higher rates tend to support the dollar by attracting forex investment seeking higher yields, in turn pressuring gold and other commodities by making them more expensive in other currencies.

But gold reversed direction in after-hours trade when the Dow plunged more than 4.2%, erasing all its gains for 2018, and the S&P 500 surrendered more than 3.8%. Rising bond yields continued to pull monies away from stocks, triggering near-panic selling.

The other precious metals also finished lower, with silver dropping 0.2% while platinum and palladium fell 0.4% and 1.2%, respectively.

At the Comex close: April gold inched down 80 cents to $1,336.50; March silver slipped 4 cents to $16.67; April platinum slid $3.90 to $995.50; and March palladium lost $12 to $1,032.95 an ounce.