Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold dipped 0.2% to close above $1,096 as global equities rallied again on surging oil and expectations of deeper easing in Europe, reducing demand for safe havens. The metal still gained 0.5% this week and is up 3.1% so far this year.

European stocks jumped by the most in almost four months and U.S. stocks were on pace for the first weekly gain of 2016 as traders were encouraged by signs that the ECB and BOJ will add to stimulus in coming months. The S&P 500 rose 1.7% while the Dow and Global Dow added 1% and 2.3%, respectively. Nearly $8 trillion has been wiped from global stocks this year, mainly on fears that China's deepening slowdown may plunge the world economy into recession.

Helping to power energy shares, oil surged nearly 8% to reclaim $31 per barrel as colder weather spurred demand for heating oil. The rally was a welcome relief to crude's 17% slide so far this year.

The dollar gained around 0.4% against major rivals, especially the euro, as traders anticipate more easing in Europe following ECB President Mario Draghi's statement yesterday that the central bank will revisit its policy stance in March.

The other precious metals were mixed on the day but higher for the week. Silver slid 0.3% but gained 1.2% on the week. Platinum gained 1.5% today to pull out a weekly gain of 0.5%. Palladium picked up 0.2% today and 2.6% this week.

At the Comex close: February gold dipped $1.90 to $1,096.30; March silver lost 4 cents to $14.06; April platinum rose $12.10 to $831.60; and March palladium picked up 85 cents to $499.85 an ounce.