Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.3% to close above $1,330 as the dollar retreated on deficit worries, boosting demand for alternative stores of value.

The dollar fell nearly 0.5% against major rivals as investors shifted into safe-haven currencies like the yen and Swill franc. Dollar-weakness typically boosts gold and other commodities priced in it for global trade by making them less expensive overseas. Tomorrow's release of consumer inflation data may help to underpin the beleaguered buck if it supports accelerated rate hikes from the Fed.

Concerns about President Trump's new budget also weighed on the greenback. If passed, the proposal would increase the annual deficit to nearly $1 trillion next year and $7.1 trillion over 10 years, requiring the US to go deeper into debt.

The other precious metals were mostly higher, with platinum and palladium adding 0.3% and 0.5%, respectively, while outlier silver slipped 0.3%.

At the Comex close: April gold gained $4 to $1,330.40; March silver slipped 5 cents to $16.52; April platinum picked up $3.40 to $976.20; and March palladium added $4.60, to $980.75 an ounce.