Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.2% to close above $1,295 despite a sharp rise in risk appetite as a stronger euro pressured the dollar, boosting demand for alternative stores of value. The metal ended the week nearly flat with a slight loss of 40 cents.

The ICE Dollar index fell 0.3% to a two-week low, pressured by a strong rise in the euro after a Japanese bank announced plans to purchase the aviation financing division of Germany' DZ Bank. Adding to euro strength, the region's industrial output declined by less than expected in February, easing concerns about a possible Eurozone recession.

China's exports rebounded strongly in March, rising 14.2% after dropping more than 20% in February. China's trade surplus swelled to nearly $33 billion in March, up from $4 billion the previous month. The Dow jumped more than 1% as the upbeat Chinese trade data quelled fears of a slowdown in the world's seconds largest economy, stoking risk appetite and capping gold's gains.

The other precious metals were higher for the day and mixed for the week. Silver rose 0.7% today but lost 0.8% this week. Platinum added 0.4% on the day but slid 0.8% on the week. Palladium climbed 1.3% to squeeze out a weekly rise of 0.3%.

At the Comex close: June gold gained $1.90 to $1,295.20; May silver added 10 cents, to $14.96; July platinum picked up $3.20 to $898.50; and June palladium climbed $17.60 to $1,350.20 an ounce.