Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 2% to close under $1,888 as risk appetite returned on upbeat US data and reports that Russia is open to negotiations after invading Ukraine. The metal finished with a weekly loss of 0.6%, its first since January.

The Wall Street Journal reported that Russian President Vladimir Putin is prepared to send a delegation to Minsk to negotiate with Ukrainian President Volodymyr Zelensky, possibly ending the vicious fighting that has wracked the nation.

This glimmer of hope that wider warfare may be averted sent stock markets into buying frenzy after selling off early yesterday. The Dow jumped more than 800 points, or 2.5%, for its biggest day in more than a year while the Global Dow added 3%.

Some robust US economic reports also fueled risk sentiment. Orders for long-lasting durable goods rose 1.6% in January, doubling forecasts, and consumer spending surged 2.1% after falling 0.8% in December.

The Fed's preferred inflation gauge, the so-called PCE index, added 0.6% in January for a year-over-year rises of 6.1%, the most since 1982.

Gold pushed as high as $1,925 on safe-haven demand early in the session before retreating on the change in risk sentiment.

The other precious metals were lower for the day and mixed for the week. Silver fell 2.8% today but was little changed for the week. Platinum lost 1.1% today and 2.5% this week. Palladium fell 5.4% but held a weekly rise of 1.2%.

At the Comex close: April gold lost $38.70 to $1,887.60; May silver dropped 69 cents to $24.02; April platinum slid $12 to $1,050.10; and June palladium shed $136.20 to $2,365.70 an ounce.