Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Extending yesterday's gains, gold added 0.7% to close at a three-month high near $1,242 as stocks wobbled and the dollar fell, boosting demand for alternative assets. The metal has risen 1.3% over the past two session.

The dollar lost 0.6% against major rivals, pulled lower by profit-taking from its 1.1% rally in February and uncertainty about Trump administration policies. Last week's promise of tax cuts helped to boost the buck, but lack of details is now causing traders to hedge those bullish bets, while concerns about trade protectionism are also taking a toll.

Wall Street pulled back from five straight days of record closes as optimism about the economy and Trump's pro-growth presidency gave way to profit-taking and uncertainty. The CBOE volatility index is on track for its biggest two-day rise since early November, signaling a growing demand for protection against market losses.

Tracking higher with gold, Treasury prices also rose notes to flights to safety, knocking yields lower for the first time in five days.

Gold gains came despite some generally upbeat economic data. Manufacturing in the Philly Fed region surged to a 33-year high on growth prospects under a Trump administration and new claims for unemployment dropped last week, but U.S. housing starts fell 2.6% in January.

The other precious metals also gained, with silver and platinum climbing 0.6% while palladium rose 0.9%.

At the Comex close: April gold gained $8.50 to $1,241.60; March silver climbed 11 cents to $18.07; April platinum added $5.80, to $1,015.70; and March palladium picked up $7.10, to $793.30 an ounce.