Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold gained nearly 1% to close just under $1,352, posting its third winning session out four, as a falling dollar boosted demand for alternative stores of value. The euro surged against the dollar after the ECB held interest rates steady and President Mario Draghi dismissed the likelihood of additional monetary easing for the eurozone economy in the near term.

The dollar further weakened against most other major rivals following comments by New York Fed President William Dudley signaling his preference for keeping U.S. interest near zero well beyond the Fed's stated threshold of 6.5% unemployment, probably until mid-to-late 2015. An influential member of the FOMC, Dudley still sees a �significant amount of slack� in the labor market and prefers to consider a range of factors before raising rates.

A weaker dollar boosts demand for gold and other commodities denominated in dollars internationally by making them more expensive for holders of other currencies. Silver jumped 1.4% while platinum and palladium added 0.7% and 1.1%, respectively.

At the Comex close: April gold gained $11.50 to $1,351.80; May jumped 30 cents to $21.57; April platinum picked up $10.20 to $1,486.80; and June palladium climbed $8.30 to $781.15 an ounce.