Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— With market's closed for President's Day, gold fell 2.5% to $1,209 in electronic trade as risk appetite returned and traders took profits from last week's 7.1% rally.

European stocks rose sharply, with the Stoxx Europe 600 Index jumping 3% for its biggest day in three weeks, after ECB Chief Mario Draghi aid the central bank "will not hesitate to act" to support Eurozone banks and the financial system with more stimulus if needed.

Japan's stock market surged more than 7% for its best day since September after reports that GDP shrank in Q4 for the second time in three quarters, boosting expectations of more easing from the world's third largest economy. U.S. stock futures tracked higher

The dollar rallied 0.5% against major rivals, especially the yen, pressuring gold and other commodities denominated in it for international trade.

The other precious metals also fell in electronic trade. Silver dropped 42 cents, or 2.7%, to $15.37; platinum lost $19.50, or 2%, $938.60; and palladium slid $13.80, or 2.6%, to $513.20 an ounce.