Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold jumped another 1.2% to close just under $1,290, its highest since mid-November, after new Fed Chair Janet Yellen told Congress she will stay the course on accommodative monetary policies. While the central bank plans to continue its taper quantitative easing, Yellen emphasized that near-zero interest rates will continue long after the unemployment rate drops below 6.5%, reassuring the markets that any tightening remains a long way off. Extending its rally to five straight sessions, gold has climbed more than 3% in the past week.

Stocks rallied alongside most commodities on Yellen's comments, with the S&P 500, Dow, and Global Dow all adding more than 1.1%. Gains for the other precious metals were more muted, with silver picking up 0.2%. Platinum edged up 0.1% while palladium edged down 0.1%

At the Comex close: April gold jumped $15.10 to $1,289; March silver added 4 cents, to $20.15; April platinum edged up $1.90 to $1,387.80; and March dipped 40 cents to $716.35 an ounce.