Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold surged 1.5% to close just under $1,303 after escalating violence in the Ukraine spurred safe-haven demand, offsetting earlier losses due to a strong jobs report. More than 40 people were reported killed in Odessa during fighting between Ukrainian nationalists and pro-Russian activists, who shot down two Ukrainian military helicopters. The U.N. Security Council held an emergency meeting to discuss ways to diffuse the tension. Gold finished the week 0.2% higher.

Early in the session, gold fell as low as $1,272 after the April non-farm payrolls report showed 288,000 jobs were added, the most in more than two years, lowering the unemployment rate to 6.3%. The labor participation rate fell to a 35-year low, however, helping to lower the unemployment rate because many job seekers may have simply given up.

Treasury prices rallied alongside gold on safe-haven inflows while the dollar and equities both fell back. Silver surge 2.6% but closed the week 0.7% lower. Platinum picked up 0.9% today and 1% this week while sister-metal palladium slipped 0.2% on the day and the week.

At the Comex close: June gold surged $19.50 to $1,302.90; July silver jumped 2.6%, to $19.55; picked up July platinum picked up $13.20, to $1,440.70; and June palladium slipped $1.75 to $812.40 an ounce.