Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold dropped 1.1% to close at $1,328, breaking a three-session winning streak, after upbeat housing data and a stronger U.S. dollar eroded safe-haven demand. Sales of new homes jumped nearly 10% in January to more than a five-year high, helping to alleviate worries about a December slump in the housing market.

The dollar jumped on the data to a two-week high against most rivals. A rising dollar weighs on gold and other commodities that are denominated in dollar for international trade by making them more expensive for holders of other currencies. The other metals tracked gold lower, with silver plunging 3.2% while platinum and palladium fell 0.9% and 0.6%, respectively.

At the Comex close: April dropped $14.70 to $1,328; March silver plunged 71 cents to $21.25; April platinum lost $13.50 to $1,429.10; and March palladium slid $4.60 to $731.50 an ounce.