Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.3% to close near $1,286 as mixed US and global data pressured the dollar, boosting demand for alternative stores of value. The metal ended April down 1%.

The Chicago Fed region PMI fell sharply in April to the lowest level in 16 months, signaling continued weakness in the manufacturing sector. However, consumer confidence rebounded in April, with optimism about the economy rising near the highest level in a decade.

Housing data was also uneven. While home prices fell to a six-year low in February, according to Case-Schiller, pending home sales jumped nearly 4% in March, according to the NAR. But year-over-year sales declined 1.2%, marking 15 consecutive monthly declines.

China's Caixin PMI, a private measure of factory output, dropped to 50.2 in April, slightly lower than March's 50.8, while the official PMI was just 50.1. Readings below 50 indicates contraction.

Eurozone GDP rebounded during the first quarter, rising 1.5% and handily beating Q4's meager 0.9% increase, while unemployment hit a 10-year low. Nonetheless, the ECB is still weighing further easing measures to jump start the region after last year's slowdown.

The dollar fell 0.3% against major rivals led by the UK pound and euro. A weaker dollar supports gold and other commodities priced in it for global trade by making them less expensive overseas.

The other precious metals were mixed on the day and month. Silver rose 0.3% today but lost 0.8% in April. Platinum slid 1.1% on the session but rose 4.7% on the month. Palladium climbed 1.5% for a monthly rise of 2.9%.

At the Comex close: June gold gained $4.20 to $1,285.70; July silver dropped a nickel to $14.98; July platinum lost $9.60 to $891.70; and June palladium added $20.70, to $1,382.70 an ounce.