Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged down 0.2% to close under $1,809 as a strong rally in equities undercut appetite for safe havens. The metal traded above $1,814 earlier in the session before succumbing to profit-taking.

Optimism that the omicron variant of covid might not derail the US economy stoked risk appetite, propelling the Dow up 1% and the S&P500 and Nasdaq 1.4% each.

Despite the cancellation of hundreds of holiday flights due to skyrocketing infections, holiday spending held up well overall. Consumer spending is up nearly 9% compared to year ago, according to Mastercard data.

Benchmark 10-year Treasury yields edged down slightly to under 1.48% as investors shifted away from safety. The dollar was little changed.

Support for gold held up well for most of the session continued to seek out hedges against inflation and protection from ongoing omicron fallout.

The other precious metals were mixed, with silver adding 0.2% while platinum and palladium fell 0.6% and 0.5%, respectively.

At the Comex close: February gold dipped $2.90 to $1,808.80; March silver added a nickel, to $22.99; January platinum dropped $5.90 to $969.20; and March palladium fell $10.40 to $1,946.50 an ounce.