Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold finished nearly flat, dipping 80 cents to hold above $1,127, as the market consolidated recent gains ahead of this week's nonfarm payrolls report. After surging 1.1% over the previous two sessions, the metal is up around 6.3% so far this year as growing concerns over global growth have rekindled safe-haven demand.

Wall Street extended its sell-off, with the Dow and S&P 500 both dropping around 1.8%, as tumbling oil pulled energy shares lower. Crude dropped 5% to under $30 per barrel after hopes faded for a deal between Russia and OPEC to cut production and relieve the global supply glut.

The dollar pulled back slightly against major rivals as traders continue to see the Fed withholding further rate hikes until late in the year. Friday's release of the monthly nonfarm payrolls report may shed more light, however, as the Fed has made it clear that jobs and inflation data will be the weathervanes of future policy direction.

The other precious metals all finished lower, with silver dropping 0.4% while platinum and palladium lost 1.7% and 2.2%, respectively.

At the Comex close: April gold dipped 80 cents to $1,127.20; March silver lost 5 cents to $14.34; April platinum dropped $14.40 to $855.70; and March palladium surrendered $11.05, to $491.30 an ounce.