Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold added another 0.5% to close at a three-week high above $1,309 as deepening hostilities in the Ukraine and slower growth in China and Europe pushed investors into safe havens. Heavy fighting in Sloyvansk, a pro-Russian stronghold, left dozens dead and raised the specter of civil war. Technical buying kicked in following gold's decisive break above key resistance at $1,300 on Friday.

Further support for rising gold prices came from global economic uncertainty after China's manufacturing contacted in April for the fourth straight month and the EU cut its growth forecast for the next two years because of falling inflation. Traders largely ignored upbeat U.S. economic data showing the ISM services index rising to its highest level since August. The other precious metals followed gold's lead. Platinum and palladium also gained 0.5% while silver edged up 0.1%.

At Comex close: June gold gained $6.40 to $1,309.30; July silver picked up nearly 3 cents to $19.57; July platinum climbed $7.70 to $1,448.40; and June palladium added $4.10, to $816.50 an ounce.