Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold added 0.1% to close at $1,196, its gains capped as rallying equities and a stronger dollar ate into demand for safe havens.

After a week of volatile trading, U.S. stocks extended their rally to three straight days for the biggest weekly gain in two months, buoyed by the Fed's assurances that it will be "patient" with interest rates increases. The Dow added 0.2% today and 3% this week while the S&P 500 picked up 0.5% and 3.4%, respectively. Gold finished the week down 2.2%, pulled lower by returning risk appetite.

The dollar, too, extended its rally against major rivals, capping gains by gold and other commodities denominated in it for international trade.

Russia bought another 1.2 million ounces of gold last month, adding to official stockpiles for the eighth straight month. The purchases came speculation that the world's fifth-largest gold owner might have to sell some of its reserves to support the tumbling ruble.

The other precious metals were mostly higher, with silver rising 0.6% and palladium jumping 1.6% while platinum finished virtually unchanged.

At the Comex close: February gold added $1.20, to $1,196.00; March silver rose 10 cents to $16.03; January platinum slipped 10 cents to $1,197; and March palladium jumped $12.95 to $805.10 an ounce.