AGE Daily Gold Update

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

3/15/2019: Gold gains for day, week

Source: Bill Musgrave, American Gold Exchange

Austin — Gold rose 0.6% to close near $1,303 as mixed US data and upbeat Brexit news weakened the dollar, boosting demand for alternative stores of value. The metal finished the week with a gain of 0.3%.

US manufacturing fell for a second month in February, missing forecasts as trade conflicts and slowing global growth took their toll, according to Fed data. Separately, the Empire State manufacturing index dropped sharply in March. The weak data is likely to reinforce the Fed's patient posture toward further rate hikes as it meets next week.

Consumer sentiment perked up in March, however, beating estimates.

Britain's Parliament supported a stop-gap measure to extend the Brexit deadline from March 29 to the end of June, provided PM Theresa May's twice-defeated plan can pass in a third vote next week. The tenuous support was enough to rally the pound 0.3% against the dollar, helping to push the greenback 0.8% lower for the week. A weaker dollar supports gold and other commodities by making them less expensive overseas.

Gold was also lifted by safe-havens inflows after immigrant-hating terrorists killed 49 Muslims in two New Zealand mosques.

The other precious metals were higher for the day but mixed on the week. Silver rose 1% today but slipped 0.2% this week. Platinum added 0.6% for a weekly rise of 1.7%. Palladium rose 0.3% today and 4.1% this week.

At the Comex close: April god gained $7.80 to 1,302.90; May silver climbed 15 cents to $15.32; April platinum added $4.70, to $831.80; and June palladium rose $3.90 to $1,518.50 an ounce, another record.