Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold edged 0.1% higher to close above $1,203 despite a slightly higher dollar as traders consolidated positions ahead of this week's meeting of the FOMC and Parliamentary elections in the Netherlands. It was the metal's first winning session in the past ten.

Bargaining hunting and safe-haven demand kicked in after last week's 2% decline, with investors turning to gold as a hedge the possibility of an anti-euro outcome to the Dutch elections. Geert Wilders of the far-right Party for Freedom has promised to lead Holland out of the European Union, something that could severely weaken the bloc and undermine its currency.

The dollar inched higher, picking up 0.1% against major rivals, as strength against the euro was nearly offset by weakens against the pound. The UK currency jumped as bill to trigger Brexit moved into the House of Lords for debate, apparently prompting traders to unwind bets on an immediate departure from the EU.

Dollar strength was underpinned, however, by the near-certainty that the Fed will raise interest rates by a quarter point when it meets this week on monetary policy. CME Fedwatch puts the odds above 90%, reinforced by last Friday's solid nonfarm payrolls report showing 235,000 jobs added in February.

The other precious metals also gained, with silver and platinum rising 0.3% while palladium climbed 1.3%.

At the Comex close: April gold gained $1.70 to $1,203.10; May silver added 5 cents, to $16.97; April platinum picked up $3 to $941.20; and June palladium rose $9.30 to $754.45 an ounce.