Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold inched down 0.1% to close just under $1,900 as safe-haven demand because of the Ukraine-Russia crisis was offset by a stronger dollar. The metal still scored a weekly gain of 3.1%, its biggest in nine months.

Fears of Russian invasion deepened today after shelling was reported in the Donetsk and Luhansk regions in eastern Ukraine, the border area where Russian-backed separatists and government forces have skirmished for years. President Biden warned yesterday that large-scale military action by Russia could begin within "several days."

All three major US stock indexes fell again, with the Dow and S&P 500 losing 0.7% while the Nasdaq sank another 1.2%. Adding to risk-of sentiment, the US economy weakened last month as the leading economic index of 10 indicators fell 0.3%, the first decline since last spring.

Benchmark 10-year Treasury yields slipped again as investors flocked to the safety of government bonds. For the week, 10-year yields fell 2.1%, the most in nearly a month. Lower yields support gold by reducing the opportunity cost for holding it instead of bonds as a haven asset.

The dollar perked up, adding 0.3% against major rivals, also on flights to safety. A stronger buck weighs on gold by making it pricier overseas.

The other precious metals were mixed for the day but higher for the week. Silver rose 0.5% today and 2.7% this week. Platinum dropped 1.5% today but rose 5.7% this week. Palladium retreated 0.9% but still finished 6.6% higher for the week.

At the Comex close: April gold dipped $2.20 to $1,899.80; March silver added 12 cents, to $23.99; April platinum slid $15.90 to $1,076.80; and March palladium fell $21.20 to $2,337.90 an ounce.