Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.2% to close above $1,337, holding most of yesterday's rise in electronic trading during the MLK holiday closure of Comex. The metal then pushed as high as $1,345 in after-hours trading as the dollar resumed its slide, supporting demand for alternative stores of value.

The dollar retreated for its fourth straight losing session, dropping 0.1% against major rivals as expectations for tighter monetary policy from the ECB boosted the euro. A falling dollar supports gold and other commodities by making them less expensive for users of other currencies.

Adding to pressure on the buck, the Empire State manufacturing survey fell in January for its third straight monthly decline as new orders and shipments fell.

The other precious metals were mostly higher, with silver and platinum adding 0.3% and 0.9%, respectively, while palladium slid 1.6%.

At the Come close: February gold gained $2.20 to $1,337.10; March silver added 5 cents, to $17.19; April platinum climbed $8.70 to $1,004.90; and March palladium slid $17.20 to $1,088.15 an ounce.