Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold slipped 0.4% to close over $1,327 as mildly upbeat U.S. economic data spurred risk appetite and reduced demand for safe havens. The metal added 0.3% for the week to close out February with an impressive 7% gain, buoyed by concerns about the pace of the recovery, geo-political risks, and weakening emerging market currencies. The largest bullion-backed ETF, SPDR Gold Trust, posted its first monthly inflow since December 2012.

Pending home sales rose slightly in January, according to the National Association of Realtors, after a drop of nearly 6% in December. Consumer sentiment inched up in January and the Chicago regional PMI beat expectations. The good economic news gave a boost to equities, lifting the S&P 500 to a new intraday record of 1,868 before the rally fizzled late in the session.

The other precious metals were mixed. Typically more volatile than gold, silver dropped 0.3% for the day and 2% for the week but climbed a whopping 11% in February. Platinum inched up 0.1% for a monthly gain of 5.7%, while palladium added 0.4% today and 6% this month.

At the Comex close: April gold slipped $4.60 to $1,327.20; May silver slid 6 cents to $21.29; April platinum inched up $2.10 to $1,455.50; and June palladium added $2.75, to $746.60 an ounce.