Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— Gold finished up slightly in choppy trade, closing just under $1,195, as rising risk appetite and a stronger dollar cut into early gains.

Following yesterday's dovish Fed statement underscoring "patience" in raising interest rates, the metal jumped as high as $1,207 early in the session. Those gains eroded, however, after U.S. and global equities staged impressive rallies behind speculation that U.S. monetary policy will remain accommodative for longer than many expected. The Dow gained more than 420 points, or 2.4%, and the Global Dow jumped 2%.

Gold came under further pressure from a stronger dollar after Switzerland announced negative interest rates for the first time since the 1970s, hoping to stop massive inflows of cash from Russia's financial crisis. The franc fell to a 28-month low against the U.S. currency. A rising dollar weighs on the price of gold and other commodities denominated in it for international trade by making them more expensive to holders of the currencies.

The other precious metals were mixed on the day. Silver finished virtually unchanged while platinum slipped 0.2% and palladium jumped 1.7%.

At the Comex close: February delivery added 30 cents, to $1,194.80; March silver was flat at $15.93; January platinum slipped $2.40 to $1,197.10; and March palladium picked up $12.90, to $792.15 an ounce.