Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.3% to close just under $1,230, climbing back after a 1% slide over the previous three sessions, as traders positioned themselves for tomorrow's release of the U.S non-farms payrolls report. If the report is weaker than expected, the Fed may be less inclined to continue tapering quantitative easing, which would likely give gold a boost.

Gold was also supported by ECB chief Mario Draghi's statement today that the central bank is committed to holding eurozone interest rates at record lows and will deepen easing if necessary to stimulate growth. Deeper easing would increase the risk of long-term inflation and boost demand for gold as an alternative store of value.

The other precious metals were mixed despite a slightly lower dollar, which tends to increase demand for commodities that are denominated in dollars for international trade. Silver picked up 0.7% and platinum added 0.4% while palladium slid 0.2%

At the Comex close: February gold gained $3.90 to $1,229.40; March picked up 14 cents, to $19.68; April platinum added $5.70 to $1,419.90; and March palladium slid $1.80 to $736.50.