Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.6% to close under $1,328 as the dollar rebounded on strong jobs data, cutting demand for alternative stores of value.

ADP reported private employers added 235,000 jobs in February, handily beating expectations, and January's total was revised 10,000 jobs higher to 244,000. It was the fourth straight month with private-sector job-growth exceeding 200,000. The more authoritative US nonfarm payrolls report is due Friday.

The Fed's Beige Book of anecdotal reports on the economy cited modest to moderate growth with tight labor markets and rising price-pressure across the central bank's 12 regions.

Separately, the US trade deficit hit a nine-year high in January, creating substantial headwinds for GDP growth in the first quarter. The Atlanta Fed downgraded its real growth forecast to 2.8%.

The dollar rose 0.2% against major rivals, overcoming early losses resulting from the resignation of top White House economic advisor Gary Cohen, a vocal critic of President Trump's new tariff policies. A rising dollar pressures gold and other commodities priced in it for international trade by making them more expensive in other currencies.

The other precious metals also fell, with silver dropping 1.7% while platinum and palladium lost 1.8% and 2%, respectively.

At the Comex close: April gold slipped $7.60 to $1,327.60; May silver lost 29 cents to $16.49; April platinum dropped $17.40 to $953.20; and June palladium shed $19.25 to $959.05 an ounce.