Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold gained nearly 1% to finish just under $1,252, its highest close in more than five weeks, as new signs of a sputtering recovery boosted safe-haven buying. The metal finished the week 0.4% higher for its fourth-straight weekly win.

The Reuters/University of Michigan index of consumer sentiment declined unexpectedly this month, suggesting that consumer spending may be sluggish during the first quarter because of nervousness over the labor market. Last week's non-farms payrolls report showed only 78,000 jobs added in December, the smallest monthly gain in three years. Growth in retail sales, the linchpin of the economy, dropped off in December and finished the year at the slowest annual pace since 2009. And the nation's top three mortgage lenders reported this week that new home loans are falling as interest rates rise.

The other precious metals also gained despite a broadly higher dollar, which typically weighs on commodities that are denominated in dollars for international trade. Silver added 1.3% for a 0.4% weekly gain. Platinum jumped 1.6% on the day and 1.2% on the week. Palladium picked up 0.6% for a weekly rise of 0.3%.

At the Comex close: February gold gained $11.70 to $1,251.90; March silver added 25 cents, to $20.30; April platinum jumped $22.60 to $1,454.10; March palladium picked up $4.65 to $748.55 an ounce.