Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold dropped 0.6% to close below $1,322 as upbeat housing data lifted the dollar, dulling appetite for alternative stores of value.

Pending home sales jumped 4.6% in January, suggesting that the choppy housing market may be in for a Spring resurgence. While sales overall were 2.3% lower than a year ago, January sales were higher in every region. Lower mortgage rates are expected to boost sales in coming months.

The dollar rose nearly 0.2% against major rivals despite strong competition from the UK pound as most risk-sensitive currencies weakened. British PM Theresa May said lawmakers will be able to vote on delaying Brexit, reducing the likelihood of a damaging departure from the EU.

The other precious metals were mixed, with silver and palladium losing 1% and 2.8%, respectively, while platinum rose 1.1%.

At the Comex close: April gold dropped $7.30 to $1,321.20; May silver fell 1% to $15.77; April platinum climbed $9.50 to $869.90; and June palladium lost $42.50 to $1,477.20 an ounce.