Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold edged down 0.1% to close at $1,311 as concerns about U.S. airstrikes in Iraq were largely offset by the easing of tensions in the Ukraine after Russia completed military exercises without invading its neighbor. Gold still finished the week 1.3% higher on safe-haven inflows because of rising geopolitical conflict.

Russia's state news agency ran a story today stating that Putin is looking to de-escalate the crisis, which hit a boiling point this week after Russia amassed 20,000 battle-ready troops with artillery and air support on the Ukrainian border. Moderate risk appetite returned, bidding up the Dow and S&P 500 by more than 1% while U.S. Treasury bonds rolled back modestly with gold.

Safe havens retained allure, however, with gold rising as high as $1,315 in intraday trade after President Obama approved selected airstrikes on Sunni insurgents in northern Iraq, marking the first escalation of U.S. military action in that nation since troops were withdrawn in 2011. Investors remain worried about unrest throughout the region, including the ongoing strife in Gaza.

The other precious metals were mixed for the day and week. Silver slid 0.6% to finish the week down 2.1%. Platinum dipped 0.2% today but gained nearly 1% this week. Palladium gained 0.8% to finish the week virtually flat.

At the Comex close: December gold edged down $1.50 to $1,311; September silver slid 0.3% to $19.93; October platinum dipped 0.2% to $1,478.50; and September palladium gained $7.30 to $863.35 an ounce.