AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

3/5/2019: Gold slips on upbeat services data

Source: Bill Musgrave, American Gold Exchange

Austin — Gold slipped 0.2% to close under $1,285 as upbeat US data and weak data from China boosted the dollar, lowering appetite for alternative stores of value.

The ISM reported that US non-manufacturing industries grew faster than expected in February, suggesting that overall US growth may be picking up after a slow winter. Service industries comprise a larger portion of the economy than manufacturing, which fell last month to the lowest point since November 2016.

New-home sales rose in December, according to a delayed report lending hope for a recovery in the crucial housing market.

The dollar pushed higher on the data, adding 0.2% against major rivals. A stronger dollar pressures gold and other commodities by making them more expensive overseas.

China downgraded its GDP growth forecast, in part because of uncertainties surrounding trade with the US. Slower growth in China may weigh on gold because China is world's leading buyer of the metal.

The other precious metals were mostly lower, with platinum and palladium losing 0.1% and 1.3%, respectively, while silver ended flat.

At the Comex close: April gold slipped $2.80 to $1,284.70; May silver was unchanged at $15.10; April platinum dipped 90 cents to $838; and June palladium fell $19.20 to $1,465.90 an ounce.