Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold climbed another 0.3% to close just under $1,200 as the dollar and stocks continued to retreat, boosting demand for alternative assets. The metal is up more than 4% so far in 2017, having gained in every trading session but one, and around 7% since mid-December.

The dollar extended yesterday's decline, dropping 0.7% to a five-month low on growing uncertainty about Donald Trump's economic policies. Yesterday's press conference, his first since July, contained no details on how he plans to meet his campaign promises to vastly increase government spending on infrastructure while slashing taxes.

On track for its worst week since early November, the dollar is down 1.6% this year as the post-election euphoria and speculation wane. A falling dollar supports gold and other commodities denominated in it for international trade by making them less expensive to users of other currencies.

U.S. equity markets also fell further, with the Dow and S&P 500 losing around 0.3%. Treasury yields fell to the lowest level since late November, with prices rising as traders shifted to safe havens.

The other precious metals were mixed, with silver barely edging lower while platinum and palladium gained 0.9% and 1.5%, respectively.

At the Comex close: February gold climbed $3.20 to $1,199.80; March silver dipped less than a penny to $16.825; April platinum rose $8.30 to to $984.70; and March palladium for added $11.35, to $765.25 an ounce.