Daily Gold Update

Source: Dana Samuelson, American Gold Exchange

Austin, TX— Gold logged a small gain of $3.60 from yesterday�s New York close after trading in a rather tight $1,198 to $1,214 range for the last 24 hours. Gold continues to hold onto most of last week�s gains despite a rally today in stocks, which normally would pressure metals prices. Today the Dow rose 1.58% while the Nasdaq gained 2.21%. Oil gained 5.48%, or $1.59, to $30.63. All major markets were much calmer today than they have been for the last two weeks, which brought a welcome sigh of relief from traders around the globe.

The Fed released minutes of their January meeting showing a much more cautious outlook going forward than had been the case following their December meeting, when they raised interest rates for the first time in nine years. �Several participants noted that monetary policy was less well positioned to respond effectively to shocks that reduce inflation or real activity than to upside shocks, and that waiting for additional information regarding the underlying strength of economic activity and prospects for inflation before taking the next step to reduce policy accommodation would be prudent,� Fed minutes revealed. �A number of participants were concerned about the potential drag on the U.S. economy from the broader effects of a greater-than-expected slowdown in China� and other emerging-market economies, the minutes said.

Silver, platinum and palladium all added modest gains as well today.

At the Comex close: April gold rose $3.20 to $1,211.40; March silver added $0.043 cents to $15.37; April platinum gained $12.40 to $949.70; March palladium added $6.30 to $515.90 an ounce.