Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold edged up to close at $1,214, posting a 0.7% gain for the week as a slumping dollar stimulated demand for commodities. The euro surged to its highest level in more than two years against the buck after a prominent ECB governor, Jens Weidmann, spoke out against keeping eurozone interest rates low. A falling dollar supports higher prices for gold and other commodities that are denominated in dollars internationally by making them less expensive to holders of other currencies.

U.S. equities rolled back while European stocks surged across the board and the S&P GSCI Commodities Index rose to a 10-month high. Silver picked up 0.7% to recapture $20 an ounce, for a weekly gain of 3%. Platinum and palladium gained 1% and 1.6%, respectively.

At the Comex close: February gold edged up $1.70 to $1,214; March silver added 13 cents, to $20.05; January platinum climbed $13.30 to $1,376; and March palladium jumped $11.20 to $711.95 an ounce.