Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold surged 0.8% to close above $1,926, the highest finish in 17 months, after Russia launched a major invasion of Ukraine, sending investors scrambling for safe havens. The metal rose above $1,976 in intraday trading before pulling back on profit-taking.

Russian President Vladimir Putin assaulted Ukraine by land, sea, and air today in what is being called the biggest attack on a European country since WWII. Missiles and airstrikes hit Kyiv and other Ukrainian cities as Russian troops and troops and tanks across the border.

President Biden quickly denounced the "brutal assault" and announced major new sanctions against Russian banks and Putin's inner circle. Additional actions are expected from EU allies.

US equity markets initially tanked on the news, with the Dow dropping around 700 points before rebounding on relief that sanctions will not block energy flows from the region.

The dollar jumped to a two-year high while benchmark 10-year Treasury yields receded on flights to safety.

The other precious metals were mostly higher, with silver and palladium rising 0.6% and 2.4%, respectively, while platinum declined 2.7%.

At the Comex close: April gold gained $15.90 to $1,926.30; March silver rose 13 cents to $24.69; April platinum dropped $26.90 to $1,062.10; and June palladium picked up picked up $59.50 to $2,501.90 an ounce.