Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold eased 0.5% to close under $3,309 as Treasury yields edged higher on signals of a possible trade deal with Japan, prompting trades to take a little profit from yesterday's monumental 3.3% surge. Silver slid 1.6% to finish at $32.42 an ounce.

President Trump unexpectedly participated in talks between US and Japanese trade representatives, saying afterward that "big progress" was made and a deal is likely soon.

Desperate for any shred of good news about tariffs, Wall Street ran with Trump's words, lifting the S&P 500 higher by 0.2%. The Dow and Nasdaq still fell on earnings concerns.

Benchmark 10-year Treasury yields crept higher on the uptick in risk appetite, pressuring gold by increasing the opportunity cost for holding it instead of bonds for safety. The dollar was virtually flat, hovering near 3-yea lows.

New home construction tumbled 11.4% in March as high mortgage rates and souring consumer outlook weighed on prices and sentiment.

Platinum added 0.2% while palladium fell 1.4%.

At the New York spot close: gold slipped $17.90 to $3,308.70; silver shed 53 cents to $32.42; platinum picked up $1.60 to $969.30; and palladium dropped $13.40 to $962.60 an ounce.