Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold dipped 0.1% to close above $1,337, holding near a 16-week high, as reduced concerns about Portuguese banking woes lifted risk appetite. The metal finished the week 1.3% higher for its sixth consecutive weekly gain.

The ECB sought to reassure the markets that it stands ready to support troubled banks, and that turmoil at Espirit Santo, Portugal's second largest bank, has little potential to damage the EU banking system. The markets seemed somewhat mollified, with global equities turning positive after yesterday's pullback. The dollar extended yesterday's gains, weighing on most precious metals and other commodities denominated in the U.S. currency for international trade.

Silver and platinum edged down 0.2% each but finished the week with gains of 1.5% and 0.4%, respectively. Palladium bucked the daily trend by adding 0.2%, finishing the week up 1.6%.

At the Comex close: August gold dipped $1.80 to $1,337.40; September silver slid 5 cents to $21.46; October platinum dropped $3.20 to $1,513.80; and September palladium picked up $1.70, to $875.30 an ounce.