Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold slid 0.7% to close just under $1,293 as upbeat U.S. economic data reduced safe-haven demand before the Good Friday market holiday. The Philadelphia Fed region reported expanding factory and business activity in the mid-Atlantic region; unemployment claims hovered near a pre-recession lows last week, suggesting momentum may be building in the labor market after a difficult first quarter. Gold finished the week down 1.9%.

U.S. equities and the dollar rose on the data, pressuring precious metals and other alternative assets. Silver dipped 0.2% for a weekly loss of 1.8%. Platinum slipped 0.6% to close the week 2.3% lower as the 13-week mining strike in South Africa headed toward settlement. Palladium bucked the trend by picking up 0.6% today and finishing virtually flat for the week.

At the Comex close: June gold fell $9.60 to $1,293.90; May silver slipped 4 cents to $19.60; July platinum lost $9.10 to $1,428.70; and June palladium edged $4.80 to $807.10 an ounce.