Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.4% to close at $1,333 as worries about a possible shutdown of the US government boosted demand for safe havens. For the week, the metal slipped 0.1% to break a five-week winning streak.

The federal government runs out of funding at midnight tonight unless the Senate passes a stop-gap measure, approved by the House yesterday, that will keep the lights on until February 16. Democrats are apparently planning to filibuster the bill unless it includes protection for the so-called "Dreamers," young immigrants shielded from deportation by the Obama-era DACA program.

The last government shutdown occurred in 2011, when Republicans sought to block Obamacare, and resulted in around $24 billion in lost GDP.

Consumer sentiment fell to a six-month low in January as uncertainty about rising prices and the benefits of the new tax laws eroded optimism.

After trading at three-year lows early in the session on government-shutdown concerns, the dollar crept up to gain 0.1% after the UK pound weakened on unexpectedly soft retail-sales data.

The other precious metals were higher for the day but mixed for the week. Silver picked up 0.5% but still closed the week down 0.6%. Platinum rose 1.3% on the day and 2.5% on the week. Palladium added 0.5% but fell 0.6% this week.

At the Comex close: February gold gained $5.90 to $1,333; March silver climbed 9 cents to $17.04; April platinum rallied $12.90 to $1,020.10; and March palladium added $5.10, to $1,098.40 an ounce.