Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up 0.1% to close near $1,811 despite a stronger dollar as risk appetite wobbled on omicron worries, lifting demand for safe havens.

The S&P 500 snapped a four-day winning streak, slipping 0.1% from a record high as traders weighed the possible economic impact of the fast-spreading covid variant. The Nasdaq fell 0.6% while the Dow rose 0.3% to its second-highest close ever.

Oil prices tallied their fifth straight day of gains, with WTI crude adding another 0.7% to finish above $76 per barrel after Saudi Energy Minister Prince Abdulaziz bin Salman's comments yesterday that the world will face a 30 million barrel-per-day shortfall by the end of the decade. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

Capping gold's gains, with dollar added 0.1% against major rivals as Forex traders shifted toward the perceived safety of the US currency in light of omicron-related restriction in Europe and parts of Asia. A stronger dollar creates headwinds for gold and other commodities by making them more expensive overseas.

The other precious metals were also higher, with silver rising 0.6% while platinum and palladium picked up 0.9% and 2.8%, respectively.

At the Comex close: February gold gained $2.10 to $1,810.90; March silver rose 13 cents to $23.12; April platinum added $8.80, to $979.80; and March palladium climbed $54.10 to $2,000.60 an ounce.