Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged down slightly, dipping 40 cents to close under $1,277, as mixed economic data caused stocks and the dollar to channel, giving investors little incentive to move into any asset classes.

The Fed's Beige Book reported "slight-to-moderate" improvement in most of the 12 Federal Reserve districts, with a few signaling slightly stronger activity. Retailing and auto sales were particularly soft while home sales and services related to tourism strengthened. Overall, the report depicted an economy still struggling to find its footing.

On the plus side, the US trade deficit shrank 3.4% in February to its lowest level in eight months, mainly because of increased exports of cars and planes. The overall deficit for the first two months of 2019 was down 7.6% but remains near a record high, creating a drag on GDP growth. The improvement is expected to be temporary, however, because of a one-time surge in commercial aircraft shipments.

China's economy grew 6.4% in the first quarter, slightly beating expectations, as Beijing's stimulus programs appear to be working. Business investment, manufacturing, and consumer spending picked up, according to the National Bureau of Statistics.

The Dow and Global Dow were nearly flat, with the upbeat news about China's economy offsetting the muddled data from the US. The dollar was also little changed, waffling between tiny losses and gains.

The other precious metals were higher, with silver rising 0.2% while platinum and palladium gained 0.8% and 3.8%, respectively.

At the Comex close: June gold dipped 40 cents to $1,276.80; May silver edged up 2 cents $14.94; July platinum rose to $7.10 to $891; and June palladium jumped $50.20 to $1,378.60 an ounce.