Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.4% in a second-straight winning session as eurozone jitters spurred safe-haven demand. Amid allegations of corruption, Spanish Prime Minister Mariano Rajoy is facing calls to resign, adding political uncertainty to Spain's economic woes and sending yields on its debt to seven-week highs. In Italy, former premier Silvio Berlusconi narrowed the race to regain leadership, raising concerns that he will reverse the fiscal austerity that has reassured creditors and helped to prevent the region's third-largest economy from falling into default.

The markets were further spooked by the eurozone's ongoing financial frailty after Holland nationalized its fourth-largest bank last Friday because of real estate losses, Germany's Deutsche Bank AG posted a loss of $3 billion, and Commerzbank reported losing nearly $1 billion in the fourth quarter. Global equity markets sold off on the cumulative risk, with the Dow plummeting nearly 1% and the Global Dow 1.2%, as traders sought refuge in gold and the dollar. Silver slipped 0.8% while platinum added 0.6% and palladium picked up 0.2%.

At the Comex close: April gold gained $5.80 to $1,676.40; March silver dropped 24 cents to $31.72; April platinum added $10.40, to $1,698.10; and March palladium rose $1.40 to $757.80 an ounce.