Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold added 0.2% to close above $1,341 as escalating tensions in the Ukraine stoked safe-haven demand. Ignoring warnings from the West to withdraw, the Russian military opened fire on a Ukrainian battalion and tightened its grip the Crimea. Gold was further supported by reports that China's exports fell by more than 18% in February, underscoring a slowdown in the world's second largest economy.

Gold rose for the third time in four sessions despite a stronger dollar, which typically weighs on precious metals and other commodities denominated in dollars for international trade. Silver edged down 0.1% while platinum and palladium slipped 0.4% and 0.6%, respectively.

At the Comex close: April gold added $3.30, to $1,341.40; May silver dipped almost 2 cents to $20.91; April platinum slipped $6.40 to $1,477.20; and June palladium dropped $4.95 to $776.85 an ounce

Hedge finds and other large speculators are now at their most bullish on gold since December 2012, raising net long positions for the fourth straight week because for softening U.S. economic data, rising geopolitical concerns, and weakening currencies in emerging markets. Gold is off to its strongest start in six years, gaining 12% so far in 2014.