Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold slid 0.5% to close under $1,224 after a surge in oil prices and dovish minutes from the Fed's last meeting boosted appetite for risk assets.

Oil surged 5%, scoring its biggest day in three weeks, after Energy Information Administration reported U.S. stockpiles are nearly 5 million barrels lower than expected. Global equities advanced behind rising energy shares, with the Dow adding 0.6% and the Global Dow 0.8%.

Minutes from the Fed's March meeting, released midday, showed majority support for the cautious approach outlined by Janet Yellen last week. Although several members argued for rate hikes in the next few months, the solid consensus supports waiting to see how the sluggish global economy and weak inflation affect domestic growth.

The dollar fell after the Fed minutes, helping to stop gold's losses. A weaker dollar typically supports gold and other commodities denominated in it for international trade by making them less expensive overseas.

The other precious also fell, with silver sliding 0.4% while platinum and palladium shed 0.7% and 1%, respectively.

At the Comex close: June gold dropped $5.80 to $1,223.80; May silver slid 6 cents to $15.05 July platinum fell $6.90 to $944.70; June palladium shed $5.70 to $537.95 an ounce.