Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.3% to stop a three-session slide as a weak U.S. housing data and rising tensions in the Ukraine attracted safe-haven buyers. The Commerce Department reported today that sales of single-family homes tumbled nearly 15% in March, raising questions about the durability of the crucial recovery in the housing sector.

Saber-rattling grew louder today after Russian Foreign Minister Sergei Lavrov accused Washington of fomenting unrest in Ukraine and said Moscow would retaliate to protect its interests. Gold jumped to a six-month high near $1,390 last month when Crimea tensions were at their highest.

The dollar fell against most major rivals and U.S. equities rolled back after the surprisingly poor housing data. A weaker dollar supports higher prices for precious metals because they are denominated in dollar for international trade and become less expensive for holders of other currencies. Silver picked up 0.4% while platinum and palladium mirrored gold's 0.3% rise.

At the Comex close: June gained $3.50 to $1,284.60; May silver picked up 8 cents to $19.44; July platinum added $3.60, to $1,403.90; and June palladium rose by $2.35to $786 an ounce.