Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold rose for a fifth session, adding 0.5% to close at a two-week high above $1,236, as new White House controversy and mixed economic data weighed on the dollar, boosting demand for alternative assets.

President Donald Trump reportedly shared sensitive classified intelligence with Russian officials last week, possibly compromising relationships will allied agencies in other nations. Coming less than a week after Trump's abrupt and controversial firing of FBI Director James Comey, the news sparked yet another firestorm in Washington and stoked concerns that Trump's anti-tax, pro-growth agenda may be impeded by political fallout.

The dollar lost 0.8% against major rivals, falling to a six-month low, as forex traders reacted to rising political risk by selling the greenback. A weaker dollar supports gold and other commodities by making them less expensive overseas.

A recent spate of soft economic data, including today's report that housing starts eased by 2.6% in April, also weighed on the currency. News that industrial output jumped last month, however, did little to stem its slide.

The other precious metals were mostly higher, with silver and platinum both gaining 0.9% while palladium fell 0.6%.

At the Comex close: June gold gained $6.40 to $1,236.40; July silver added 14 cents, to $16.75; July platinum climbed $8.30 to $937; and June palladium lost $5 to $792 an ounce.