Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold edged 0.1% higher to settle above $1,590 as the dollar weakened after upbeat economic news spurred risk appetite. U.S. jobless claims fell unexpectedly last week, reaching the lowest four-week average since March 2008. The improving labor market helped consumer confidence climb for the sixth straight week to the highest level since last April. The dollar initially rallied to a seven-month high before selling off as traders sought riskier assets. The S&P 500 extended gains to within two points of its record high above 1,565, set in 2007, and Goldman Sachs S&P commodities index added 3%, pulling gold higher for its fourth winning session out of five. Overseas, gold was supported by increased physical buying in Asia among traders who import into China and Thailand. The other precious metals weakened slightly with silver dropping 0.5%, platinum 0.2%, and palladium 0.1%.

At the Comex close: April gold added $2.30 to $1,590.70; May silver dropped 15 cents to $28.81; April platinum slid $3.30 to $1,589.80; and June palladium slipped 50 cents to $770.75 an ounce.