Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold finished virtually flat, dipping 0.1% to close just under $1,309 as rising U.S. exports offset falling U.S. equities and ongoing strife in the Ukraine. The U.S trade deficit shrank in April as more oil, gas, and commercial aircraft were shipped overseas. The improvement was less than expected and probably not enough to prevent GNP revisions from showing that the economy contracted for the first time in three years during the first quarter.

U.S. equities retreated for the third time in four sessions as tech companies took a pounding, with the Nasdaq plunging 1.4% while the S&P 500 shed nearly 1%. Concern about the life of the bull market in stocks is lending support to gold as investors seek downside protection. Safe-haven support also resulted from the growing likelihood that full-scale war may soon break out in the Ukraine.

Gold was the outlier among precious metals today. Silver picked up 0.4% while platinum and palladium gained by 0/7% and 0.2%, respectively.

At the Comex close: June gold dipped 70 to $1,308.60; July silver added 7 cents, to $19.645; July platinum gained $9.70 to $1,458.10; and June palladium picked up $1.90, to $818.40 an ounce.