Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold edged up slightly to hold above $1,075 as improving growth in Japan caused the dollar to recede, boosting demand for alternative assets.

Japan's economic forecast was revised upward from negative 0.8% to positive 0.1% in the third-quarter with stronger growth projected in coming months. The better data is expected to curb the need for deeper quantitative easing in the world's third-largest economy.

The yen rallied on the improving prospects for Japanese economy, pushing the dollar lower by 0.3%. Further losses in buck were prevents by data showing that China's exports fell in November for the fifth straight month as weak global demand continues to hammer the world's biggest manufacturer.

The other precious metals finished lower, with silver losing 1.5% while platinum and palladium dropped 1.9% and 1.4%, respectively. Oil fell to the lowest level since 2009, pressuring commodities and the currencies of commodity-linked nations like Canada, Norway, and Mexico.

At the Comex close: February gold edged up 10 cents $1,075.30; March silver lost 21 cents to $14.12; January platinum shed $16.70 to $846.50; and March palladium dropped $7.55 to $547.90 an ounce.