Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.4% to close above $1,289 as softer equities and uncertainty over the upcoming French elections boosted demand for safe havens. The metal gained 0.1% for the week, notching its sixth straightly weekly win.

Wall Street edged lower despite solid corporate earnings reports, with the S&P 500 dropping 0.2% as traders eschewed risky bets ahead of Sunday's presidential election in France.

With four candidates neck and neck, including two who are deeply euro-skeptic, the fate of the eurozone could hang in the balance of Sunday's vote. Both Jean-Luc Melenchon of the far-left and Marine Le Pen of the far-right are calling for Frexit, or a French exit from the EU, which would deliver a possibly mortal blow to the euro and radically destabilize global financial markets.

The dollar gained slightly, adding 0.1% against major rivals, as the euro weakened on political uncertainty. Ordinarily, a rising dollar pressures gold and other commodities by making them more expensive overseas. Today's market action saw both gold and the greenback rise on safe-haven demand.

The other precious metals were lower for the day and mixed for the week. Silver dropped 0.9% today for a 3.5% weekly loss. Platinum slid 0.4% on the day but held a 0.1% rise for the week. Palladium dropped 1.5% for a loss of 1% this week.

At the Comex close: June gold gained $5.30 to $1,289.10; May silver fell 16 cents to $17.86; July platinum slid $3.50 to $976.10; June palladium dropped $12.15 to $790.75 an ounce.