Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— For the second session in a row, gold slid 0.6% as rising risk appetite pulled investors from safe havens. The metal held above $1,068 and remains on track for a 0.3% gain this week.

U.S. and European stocks rallied again, with the Dow adding nearly 1% and the Global Dow 1.4%, after oil prices surged another 4% on falling inventories and last week's Congressional decision to lift its four-decade ban on exports. Higher oil prices lifted energy shares again, which in turn lifted the major indexes.

Equities also benefited from some mildly better U.S. economic data. Consumer sentiment reach a five-year high last month, in part because incomes are rising as the labor market tightens. The Commerce Department reported today that wages and salaries picked up 0.5% in November atop October's 0.6% increase. New home sales also picked up in November, though by less than forecast.

Investors largely ignored continued struggles in the U.S. manufacturing sector. Durable goods orders fell in November and were revised sharply lower for October as the strong dollar and shrinking overseas demand harms U.S. exports.

The other precious metals also finished lower, with silver dropping 0.2% while platinum and palladium lost 0.6% and 0.3%, respectively.

At the Comex close: February gold slid $5.90 to $1,068.20; March silver dipped 3 cents to $14.29; January platinum fell $4.80 to $868.20; and March palladium gave up $1.40 to $553.25 an ounce.