Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold gained nearly 1% to just under $1,275, its highest close since mid-November, extending its winning streak to four sessions, the longest since August. Traders bid up the metal in anticipation of this week's inaugural Congressional testimony by new Fed Chair Janet Yellen, who is widely expected to stay the course on easy money set by her predecessor, Ben Bernanke. Accommodative monetary policies have benefited gold by devaluing the dollar and increasing the risk of long-term inflation.

Gold was further supported the reopening of markets in China following the Lunar New Year holiday. China's annual gold consumption rose more than 41% in 2013 to a record-high 1,176 tons, a trend in demand that is expected to continue, according to the World Gold Council.

The dollar dropped on Yellen expectations while the other precious metals tracked gold higher, with silver also gaining nearly 1%. Platinum picked up 0.5% and palladium climbed 1.1%.

At the Comex close: April gold gained $11.80 to $1,274.70; March silver added 18 cents, to $20.11; April platinum picked up to $1,385.90; and March palladium rose $7.95 to $716.75 an ounce.