Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— Gold gained for the fifth straight day, edging up 0.1% to close near $1,199 for its highest finish in more than seven months, as oil and the dollar extended their losses, boosting demand for alternative stores of value.

The dollar dropped 0.6% to a four-month low against major rivals and hit a one-year low against the yen as traders sought out safe havens in light of slowing global growth and weak equity markets.

A recent spate of weaker U.S. data is also weighing on the buck, raising questions about when�or whether�the Fed will be able to raise interest rates again this year. Further guidance is expected from Fed Chair Janet Yellen when she delivers her semiannual testimony about monetary policy before the House Financial Services Committee tomorrow.

Oil plummeted for a fourth session, with West Texas crude losing nearly 6% and Brent crude almost 8%, after the U.S. Energy Information Administration cut its 2016 forecasts because of ongoing worries about global oversupply.

The other precious metals were mostly higher, with silver picking up 0.2% and platinum 1.2% while outlier palladium slipped 0.2%.

At the Comex close: April gold edged up 70 to settle at $1,198.60; March silver picked up 2 cents, to $15.46; April platinum gained $10.70 to $939.40; and March palladium slipped shed $1.25 to $516.85 an ounce.