Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold slid 0.9% but held above $1,254 as a rally in equities boosted risk appetite and eroded demand for safe-haven assets. The metal finished 0.4% lower for the week despite yesterday's 2.9% surge.

Fueled by health care and financial stacks, the Dow gained 0.7% to notch its first six-day winning streak since early October. The Fed's decision this week to slow the pace of rate hikes is supporting equities by keeping liquidity less expensive for longer and weakening the dollar. When the dollar loses strength, U.S. companies have an easier time turning profits.

The dollar rebounded from yesterday's Fed-induced 2016 lows, gaining 0.3% against a basket of major rivals. A stronger dollar typically weighs on gold and other commodities priced in the currency for international trade by making the more expensive to overseas buyers.

The other precious metals were mixed on the day and week. Silver dropped 1.4% but closed the week 1.3% higher. Platinum lost 1.9% on the day and 0.1% on the week. Palladium surrendered 1.3% today but held a weekly gain of 1.7%.

At the Comex close: April gold slid $10.70 to $1,254.30; May silver dropped 22 cents to $15.81; April platinum lost $18.60 to $970.50; and June palladium shed $7.75 to $590.05 an ounce.