Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold slipped 0.3% to close under $1,292 as the dollar rebounded and traders took profits from the metal's 6.3% rise over the previous six straight winning sessions.

After tumbling to a 15-month low against major rivals, the dollar bounced 0.4% higher as emerging-market currencies were hammered by a 2.5% plunge in oil and renewed fears about China's growth. A stronger dollar pressures gold and other commodities denominated in it for international trade by making them more costly to foreign buyers.

Caixin and Markit reported factory output in China contracted again in March, undercutting hopes that the world's second largest economy was finally stabilizing after months of slower growth. China's manufacturing sector, the engine of its export-driven economy, has now contracted for 14 consecutive months.

Equities pulled back on the China data, with the Dow shedding 0.7% and the Global Dow twice that, as investors shifted into cash and U.S. Treasury bonds, which saw yields drop to a two-week low.

The other precious metals finished lower, with silver dropping 1% while platinum and palladium gave up 1.4% and 2.5%, respectively.

At the Comex close: June gold slipped $4 to $1,291.80; July silver lost 18 cents to $17.50; July platinum for dropped $14.80 to $1,071.60; and June palladium dumped $15.90 to close $608.85 an ounce.