Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold dipped 0.2% to close just under $1,239 before rebounding by $5 to $1,244 in after-hours trade. Riding on the Fed's decision this week to taper quantitative easing by another $10 billion per month starting in February, the dollar rose against most rivals, pressuring gold and other commodities priced in dollars for international trade. Gold finished the week with a 1.9% loss but still gained 3.3% for the month as investors, concerned about slower global growth, rotated from equities into safer havens.

Today's selling pressure on gold was mitigated by steep losses in stocks, with the Dow dropping nearly 1% today for a monthly loss of 5.2%. In addition, capital-flight out of emerging markets has accelerated in the wake of the Fed's trimming of monetary stimulus, driving down currencies from Brazil to Turkey to South Africa and boosting demand for gold as an alternative store of value.

The other precious metals also closed down today. Silver dipped one cent to finish the week 3.3% lower. Platinum and palladium both fell 0.5% today for a weekly loss of 3.7% and 0.5%, respectively.

At the Comex close: April gold dipped $2.70 to $1,239.80; March silver edged down a pennny to $19.12; April platinum gave up $6.60 to $1,375.70; and March palladium dropped $3.65 to $703.20 an ounce.