Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold jumped 1.1% to close at a four-month high of $1,338 as weakening global growth stimulated safe-haven buying. The Chicago Fed's national index of U.S. manufacturing fell more than expected in January, and home prices fell in China for the first time in fourteen months, adding to concerns that the world's largest economies are slowing down.

At a summit meeting in Australia, finance minister from the world's biggest economies outlined a plan to stimulate global growth by another $2 trillion over the next few years, using coordinated easy-money policies. The G-20 plan would flood additional liquidity into world markets, supporting demand for gold as a hedge against long-term inflation.

The other precious metals tracked gold higher, with silver adding 1.2% to close at a four-month high. Platinum and palladium gained 1% and 0.4%, respectively.

At the Comex close: April gold jumped $14.40 to $1,338; March silver added 27 cents, to $22.05; April platinum picked up $13.50 to $1,441.40; and March palladium rose $3.05 to $743.05 an ounce.