Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold finished nearly flat, edging down less than 0.1% to just under $1,305, as a mild raise in equities and the U.S. dollar neutralized lingering safe-haven demand.

The S&P 500 hit a new record high above 1,989 in intraday trading, riding momentum from improving corporate earnings and yesterday's stronger housing data. The dollar gained against most major rivals, hitting a one-month high against the pound after the Bank of England held interest rates and quantitative easing at current levels. Consumer confidence in the Eurozone fell far more than expected, undermining faith in the fragile recovery.

Gold received some safe-haven support after two Ukrainian jetfighters were shot down, reigniting concerns about the stability of the region. In addition, the IMF downgraded its growth forecast for the U.S. from 2% to 1.7% this year, and asserted that persistent slack in the U.S. labor market is likely to retard growth for the next three to four years, requiring interest rates to remain near zero for longer than most investors anticipate.

The other precious metals finished near-flat or slightly lower, with silver and palladium down a hair while platinum and palladium slipped 0.1%.

At the Comex close: August gold edged down $1.60 to $1,304.70; September silver lost a cent to $21; October platinum dipped $1.60 to $1,486.70; and September palladium inched down 55 cents to $874.30 an ounce.