Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold slipped 0.2% to close just above $1,296 as rising stocks and a stronger dollar reduced demand for alternative assets. The Dow and S&P 500 gained around 0.5% as corporate earnings season started with solid gains, fueling hopes of a second-quarter rebound. Consumer confidence held close to a six-year high in April, supporting risk appetite.

The dollar gained against major rivals, especially the euro after the ECB signaled the likelihood of launching Fed-style asset purchases to overcome low inflation. A rising dollar pressures gold by making it more expensive to holders of other currencies. The Global Dow picked up 0.7%, also aided by the prospect of deeper stimulus in the eurozone. Silver fell 1% while platinum and palladium added 0.8% and 0.9%, respectively.

At the Comex close: June gold slipped $2.70 to $1,296.30; July silver fell 8 cents to $19.54; July platinum picked up $11.70, to $1,431; and June palladium gained $7.20 to $807.90 an ounce.