Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— Gold dipped 0.2% to close at $1,063.50 as risk-appetite returned to the markets, diminishing demand for safe havens. The metal remained 0.7% higher over the past two sessions.

Stock market indexes rebounded today, with the Dow and Global Dow adding around 0.7%, after Chicago Fed President Charles Evans reassured investors that interest rates will rise very gradually. A voting member of the FOMC, Evans admitted to "some nervousness about our upcoming decision" and said a hike this month could be a mistake because of low inflation and "the headwinds from lower energy prices and the stronger dollar."

Reflecting Evans' concerns, the ISM's factory index fell sharply to the lowest level since 2009 in November as cheaper energy and the strong dollar continue to hammer U.S. manufacturers. Lower oil prices have caused cutbacks by the energy industry, while falling overseas demand and relatively high prices for U.S. exports have reduced factory orders.

The other precious metals were mixed, with silver down less than 0.1% while platinum added 0.3% and palladium dropped 0.7%.

At the Comex close: February gold dipped $1.80 to $1,063.50; March silver edged down a half-cent to $14.08; January platinum added $2.50, to $835.40; and March palladium slid $4 to $539.20 an ounce.