Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold slipped 0.5%, closing just under $1,318, as traders took profits from the metal's dramatic surge of nearly 5% over the previous two sessions.

A modicum of risk appetite returned after two days of panicked selling wiped $3 trillion from global equity markets in response to Britain's shocking vote to exit the EU. The Dow picked up 1.3% and the Global Dow recouped 1.5%. Tech stocks and financials, which had seen the most carnage, led the way.

Currency markets also stabilized, with the UK pound recovering 1.1% after plummeting 12% in three sessions to a 31-year low against the dollar. The euro also bounced, adding 0.4%, while the dollar slipped 0.1% against major rivals.

In non-Brexit news, the Commerce Department said first-quarter growth slowed by less than they thought. GDP increased by 1.1% rather than the 0.8% reported last month, down from 1.8% in Q4. Growth is expected to perk up somewhat in Q2, although slowing job growth and moribund business investment will be a drag.

The other precious metals were mostly higher, with silver and palladium adding 0.6% and 2.3%, respectively, while platinum dipped less than 0.1%.

At the Comex close: August gold slipped $6.80 to $1,317.90; September silver added 10 cents, to $17.89; October platinum dipped 10 cents to $980.60; and September palladium picked up $12.55 to $569.95 an ounce.