Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold slipped 0.5% to close at $1,264, holding most of last week's 4.1% gains, as a rally in oil prices boosted global equities and eroded safe-haven demand.

Oil surged more nearly 6%, with Brent crude peaking above $40 for the first time in 2016, on expectations of lower output. The United Arab Emirates' oil minister said yesterday that current prices are forcing a production freeze. The UAR joins Saudi Arabia, Venezuela, and Russia in signaling an intention to reduce the global glut that has hammered prices for the past 18 months.

Oil's rally pushed energy and materials shares higher, with the Dow picked up around 0.3% and the Global Dow more than 1%.

The other precious metals were mixed, with silver dipping 0.4% while platinum and palladium added 1.6% and 2.6%, respectively, behind higher industrial demand. Tt was platinum's first close over %1,000 per ounce in four months.

At the Comex close: April gold slipped $6.70 to $1,264; May silver slid 6 cents to $15.63; April platinum gained $15.70 to $1,002; and June palladium jumped $14.60, or 2.6%, to $577.60 an ounce.