Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold added 0.1% to close at a two-week high as weak economic data in China and Europe ignited safe-haven buying. China's industrial output began the year with its weakest start since 2009, and both lending and retail sales have slowed, raising questions about recovery in the world's second largest economy. French industrial output also tumbled, pushing the eurozone's second largest economy to the brink of its third recession in four years. And Fitch cut Italy's bond rating to BBB+, three levels above junk, on concerns that its recent elections may inflame the eurozone sovereign debt crisis. Gold gained for a fourth session out of five despite a historic rally in U.S. equities, which brought the Dow to a new all-time record near 14,500 today. The other precious metals lost ground, however, with silver sliding 0.3% while platinum and palladium dropped 0.2% and 0.5%, respectively.

At the Comex close: April gold rose $1.10 to $1,578; May silver fell 10 cents to $28.85; April platinum slipped $2.70 to $1,601.20; and June palladium lost $3.55 to $779.20 an ounce.