Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold rebounded 1.7% to close at $3,332 as renewed concerns about the trade war with China stoked demand for safe havens. Silver added 0.1% to finish at $33,48 an ounce.

One day after the White House signaled progress in trade negotiations and its openness to reducing China tariffs to around 60%, China refuted that any talks had taken place and demanded that all "unilateral tariff measures" be lifted.

Hope for a quick end to the trade impasse sparked a risk rally on Wall Street yesterday, lifting the dollar and knocking gold sharply lower after it hit a series of all-time highs.

Stock market carried over to today, with the Dow and S&P 500 rising another 1.2% and 1.9%, respectively, while the Nasdaq added 2.5%.

But the dollar reversed course, falling 0.7% against major rivals as traders returned to dependable safe-haven currencies like the yen and Swiss franc. A falling dollar supports gold by making it cheaper overseas.

US home sales fell more than expected in March as high mortgage rates and pessimism about the economy stymied would-be buyers.

Platinum added less than 0.1% and palladium rose 1.1%.

At the Ne York spot close: gold gained $55.70 to $3,332; silver sipped 4 cents to 33.48; platinum added 80 cents, to $975.50; and palladium picked up $10.254 to $954.25 an ounce.