Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.2% to close under $1,328 as rising risk appetite and an uptick in the dollar dimmed demand for alternative assets. With US markets closed tomorrow for Good Friday, the metal ended the shortened week 1.9% lower and slipped 0.3% in March. Still, gold gained nearly 1.5% in the first quarter for its third quarterly rise in a row.

US equity indexes rose broadly, with tech and energy shares leading the way, as investors looked beyond the recent travails of big names like Tesla and Facebook. A lowering of trade-war tensions also boosted risk appetite as rhetoric out of China and the US grew more conciliatory in recent sessions. The Dow rose 1% but remained on track to lose 2.6% this quarter.

The dollar edged up 0.1% against major rivals, extending yesterday's 0.8% rally as traders shifted away from safe-haven currencies like the yen. A rising dollar weighs on gold and other commodities by making them pricier overseas. As measured by the US Dollar Index, the buck is down 2.2% for the first quarter.

Inflation is creeping higher, with the Personal Consumption Expenditures (PCE) index advancing 0.2% in February and 1.8% for the prior twelve months. The more-closely tracked core rate, stripping out food and energy, also rose 0.2% for a 1.6% yearly increase. The mild uptick is unlikely to quicken the Fed's pace on rate hikes.

The other precious metals were lower for the day and quarter. Silver edged down 0.1% for a 5.5% quarterly loss. Platinum lost 0.9% today and 1.2% this quarter. Palladium dropped 2% today and a whipping 10% this quarter.

At the Comex close: June gold dipped $2.70 to $1,327.30; May silver added 2 cents, to $16.27; July platinum $8.20 to $932.60; and June palladium dumped $19.40 to $943.80 an ounce.