Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 0.9% to close under $1,329 as easing trade tensions boosted the dollar and stocks, eroding demand for alternative assets.

Amid rising trade-war tensions, China and the US took a deep breath and dialed back the rhetoric, with both sides saying today they are willing to negotiate. The comments followed China's tit-for-tat announcement of a 25% tariff on $50 billion in US goods, which came after President Trump declared up to $60 in penalties on an array of Chinese imports.

The stock market bounced higher on the easing trade tensions, with the Dow adding 1% while the Global Dow rose more than 1.1%.

The dollar also rebounded, adding 0.4% to reach a five-week high. A stronger dollar weighs on gold and other commodities by making them more expensive overseas. Tomorrow's released on the March nonfarm payroll report from the Labor Department will determine whether the buck stays up.

The other precious metals were mostly lower, with platinum and palladium dropping 0.3% and 1.9%, respectively, while silver added 0.6%.

At the Comex close: June gold fell $11.70 to $1,328.50; May silver rose 10 cents to $16.36; July platinum slid $2.80 to $915.30; and June palladium lost $17.80 to $900.10 an ounce