Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold jumped 1.1% to close above $1,320, approaching a three-week high, after yesterday's dovish FOMC minutes eased worries that the Fed may be quick to raise interest rates. The text of the Fed's March meeting showed the central bankers agreeing to abandon the idea that rates should rise when unemployment drops to 6.5%. The shift was born of concerns about possible market overreaction and headwinds in the economy. Near-zero rates have boosted demand for gold since 2008 by devaluing the dollar and increasing the risk of long-term inflation.

Gold was also supported by tumbling U.S. equities and a sliding U.S. dollar. The Nasdaq plunged more than 3% for its worst session since 2012 while the Dow lost 1.5% and the S&P 500 nearly 2%. Investors sought refuge in Treasury bonds and precious metals. Silver climbed 1.6% while platinum and palladium added 1.5% and 1.3%, respectively.

At the Comex close: June gold jumped $14.60 to $1,320.50; May silver climbed 32 cents to $20.09; July platinum added $21.20 to $1,460.10; and June palladium picked up $9.75 to $792.30 an ounce.