Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold slipped 0.3% to close under $1,254 as traders took profits from last week's 0.5% rise and early-session strength in the dollar decreased appetite for alternative stores of value.

The dollar rallied early in the session on safe-haven interest following last week's U.S. missile bombardment of Syria and unconfirmed reports that China is amassing troops on the North Korean border. A stronger dollar typically weighs of gold and other commodities by making them more expensive overseas.

The dollar then rolled back late in the session after oil prices rose 1.7%on reports of a blocked pipeline in Libya. Gold staged a comeback as the buck declined, reaching into gains above $1,258 before receding at the close.

The other precious metals also fell, with silver losing 1.3% while platinum and palladium dropped 2.3% and 1.7%, respectively.

At the Comex close: June gold slid $3.40 to $1,253.90; May silver lost 24 cents to $17.92; July platinum fell $21.70 to $939.40; June palladium shed $13.70 to $790 an ounce.