Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged down 0.2% to close under $1,323 on profit-taking as strong jobs and manufacturing data pushed the dollar slightly higher, quelling demand for alternative stores of value. The metal finished the week 1.9% higher and rose more than 3% in January.

US non-farm payrolls added 304,000 jobs in January, much more than forecast, while the unemployment rate crept back up to 4% from 3.9%. December's totals were revised sharply lower, however, from 312,000 down to 222,000. Average hourly wages rose 3 cents.

The ISM manufacturing index rebounded in January, easing worries about a slowdown, as new orders rose after declining in December.

The upbeat economic reports helped the dollar add around 0.1% against major rivals. The beleaguered buck has been pressured by the Fed's dovish shift this week after Fed Chair Jerome Powell said the case for further rate hikes has weakened substantially.

Another strong showing for oil helped to limit gold's slide. WTI crude rose another 3.1% to more than $55 per barrel, a 10-week high, on US sanctions against Venezuela and lower OPEC production. Rising oil tends to support gold as a hedge against energy-related inflation.

The other precious metals were mixed for the day and week. Silver dropped 0.9% today but gained 1.5% this week. Platinum added 0.2% for a weekly rise of 1%; palladium climbed 1.1% to close the week 0.5% lower.

At the Comex close: April gold dipped $3.10 to 1,322.10; March silver dropped 14 cents to $15.93; April platinum picked up $2 to $826.70; March palladium climbed $13.70 to $1,313.60 an ounce.