Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Building on last week's gains, gold added another 0.3% to close above $1,251, a four-week high, as a weaker dollar and falling equities boosted safe-haven buying. The dollar extended last week's losses, falling against most major rivals and hitting a four-week low against the yen, undermined by Friday's shockingly weak U.S. non-farm payrolls report. Merely 74,000 jobs were added to the economy last month, the fewest in three years, while workforce participation fell to a 35-year low, presenting possible speed-bumps for the Fed's plans to taper quantitative easing.

U.S. equities tumbled again, with the Dow dropping 180 points and the S&P 500 surrendering almost 1.3%, as traders digested the dismal jobs report and shifted toward wealth protection. Gold has recouped more than 4% so far this year, roughly in line with stock market losses. The other metals were mixed today, with silver and platinum climbing 0.8% and 0.5%, respectively, while palladium lost 0.8%.

At the Comex close: February gold added $4.20, to $1,251.10; March silver climbed 16 cents to $20.39; April platinum picked up $7 to $1,443.90; and March palladium dropped $6.05 to $740 an ounce.