Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold added 0.1% to close above $1,248 as the dollar and equities softened ahead of the Congressional vote on healthcare, boosting demand for alternative stores of value. The metal ended the week 1.5% higher for its second weekly win in a row.

The dollar slipped 0.2% against major rivals, hovering around a seven-week low, as traders hedged against the prospect that Donald Trump's repeal and replacement of Obamacare will not be passed by the House today. The Dow fell 0.3% for the same reason while Treasury yields fell for a second week.

Financial markets are obsessed with the healthcare bill because it is considered a weathervane for Trump's ability to enact his pro-growth policies. Campaign promises to spend $1 trillion on rebuilding infrastructure, along with promised tax cuts, helped to send U.S. equities to record highs in recent weeks and months. Traders worry that failure on his first legislative effort may put other goals at risk, causing the so-called Trump trade to unwind.

The other precious metals were also for the day and week. Silver gained 0.9% today and 1.9% this week. Platinum climbed 0.4% on the day and 0.5% on the week; and palladium jumped 1.7% to close the week 5.8% higher on improving European auto sales.

At the Comex close: April gold added $1.30, to $1,248.50; May silver rose 16 cents to $17.75; April platinum climbed $3.90 to $967.90; and May palladium jumped $13.20 to $813.35 an ounce.