Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.6% to close at $1,315 as rising equities and a stronger dollar decreased demand for alternative stores of value, prompting traders to take profits from yesterday's rally to a four-week high near $1,323.

Led by rallies in energy and consumer-staples shares, the S&P 500 and Global Dow both added 0.5% as investors grew optimistic about US-China trade relations. Negotiations resume this week as Treasury Secretary Steven Mnuchin meets with cabinet-level representatives in Beijing. Ongoing trade conflicts between the world's two largest economies have been a drag on global growth.

The dollar edged 0.2% higher against major rivals, pressuring gold and other commodities denominated in dollars for overseas trade.

Gains in the dollar and stocks were limited by soft US housing and consumer data. Home prices grew at the slowest rate in more than six years in January, and new-home construction fell 9% in February. Separately, consumer confidence fell sharply in March, according to the Conference Board, on concerns about business conditions and jobs.

The other precious metals were mostly lower, with silver and palladium dropping 0.9% and 1.8%, respectively, while outlier platinum picked up 0.2%.

At the Comex close: April gold slid $7.60 to $1,315; May silver dropped 14 cents to $15.43; April platinum picked up $2.10 to $859.80; and June palladium shed $27.50 to $1,515.90 an ounce.