Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold added another 0.6% to close at three-week high above $1,327 after the growing conflict between the Ukraine and Russia spurred safe-haven demand. The metal has now gained in five of the last six sessions. Last month, it rallied to a six-month high near $1,390 when Russia annexed the Crimea.

Armed confrontation between Ukrainian forces and pro-Russian militants over the weekend resulted in casualties and bitter accusations against Moscow for fomenting unrest in order to expand its control over the region. In addition, Russian fighter jets repeatedly buzzed a U.S. destroyer in the Black Sea, further escalating tensions with the West. U.S. and E.U. leaders are considering tougher measures to contain Russian adventurism.

Gold rose on flights to safety despite a slightly higher dollar, which climbed on reports that U.S. retail sales jumped in March by the most in eighteen months. A stronger dollar ordinarily weighs on precious metals because they are denominated in the U.S. currency for international trade and become more expensive to holders of other currencies. Silver and platinum each gained 0.3%. Palladium climbed 0.6% to reach a 30-month high, aided by threat of deeper sanctions against Russia, a major producer.

At the Comex close: June gold added $8.50, to $1,327.50; May silver picked up 6 cents, to s $20.01; July platinum gained $4.80 to $1,467.40; and June palladium climbed $4.70, to $811.50 an ounce.