Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold finished virtually even, closing above $1,294 after dropping as low $1,286 in intraday trading, as positive U.S. and eurozone data boosted risk appetite. The metal finished with a loss of 3.1% for the week but is on-track to gain almost 8% in this quarter.

Accounting for nearly 70% of the U.S. economy, consumer spending rose by the most in three months in February, underscoring optimism that the recovery may be getting back on track after a winter slowdown. Eurozone economic confidence increased by more than expected in March, reducing pressure on the ECB to increase stimulus.

Equity indexes rallied on the upbeat reports, with the S&P 500 adding 0.5% and the Global Dow 0.5%. With more ties to industry than gold, the other precious metals perked up with risk appetite. Silver added 0.4% but finished the week with a 2.6% loss. Platinum picked up 0.5% for a weekly loss of 2.2%. Palladium jumped 1.7% today but lost 2% this week.

At the Comex close: June gold dipped 50 cents to $1,294.30; May silver 8 cents, to $19.79; April platinum picked up $7.50 to $1,404.70; June palladium jumped $13.20 to $773.70 an ounce.