Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold inched down 0.1% to close near $1,356 as stocks and the dollar gained, cutting into demand for safe-haven assets.

U.S. equities enjoyed a modest rally, with the Dow adding 0.6% and the S&P 500 hitting a record high after picking up 0.5%. Helping to stoke risk appetite was Friday's stellar nonfarm payrolls report showing 287,000 jobs added in June, the most in eight months.

The Global Dow rallied 1.2% after Japanese Prime Minister Shinzo Abe ordered a new round of fiscal stimulus to offset weak demand in the corporate sector. European stocks perked up after Andrea Leadsom dropped out of the race for UK Prime Minister, leaving Home Secretary Theresa May as David Cameron's likely successor and ending weeks of uncertainty.

The dollar edged higher, adding 0.2% against major rivals. A stronger dollar pressures gold by making it more expensive overseas.

The other precious metals finished higher, helped by demand for industrial applications. Silver gained 1% while platinum and palladium picked up 0.7% and 1.4%, respectively.

At the Comex close: August gold inched down $1.80 to $1,356.60; September silver gained 21 cents to $20.30; October platinum added $7.90, to $1,108.10; and September palladium climbed $8.65 to $625.75 an ounce.