Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold edged slightly higher to close near $1,259, extending its rally to three sessions, as uncertainty over Donald Trump's upcoming policy speech gave a slight lift to safe havens.

Addressing a joint session of Congress tomorrow, President Trump is expected to lay out plans for fiscal spending and economic growth. During his campaign, he pledged to spend $1 trillion on rebuilding unfractured while slashing personal and corporate taxes. Resulting optimism helped to boost U.S. stock markets to record highs despite a lack of details.

The dollar and equities largely treaded water today as traders wait to see if concrete policy will replace promises. If spending is delayed or diminished, growth may suffer and some of the bullishness that has followed Trump into office may subside, boosting demand for gold and alternative assets.

Gold also received support from data showing weak business investment in January. While orders for durable goods rose 1.8%, the gains were almost entirely in commercial and military plans. With those categories removed, orders fell 0.2%.

The other precious metals also finished higher, with silver adding around 0.1% while platinum and palladium gained 1% and 1.6%, respectively.

At the Comex close: April gold for delivery inched up 50 cents to $1,258.80; March silver picked up one cent to $18.42; April platinum gained $10.20 to $1,038.90; and June palladium climbed $12.05 to $785 an ounce.