Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.5% to close at a one-week high above $1,290 as the escalating conflict between Ukraine and Russia spurred safe-haven demand. Ukrainian forces fired on pro-Russian separatists today, killing five and prompting threats of retaliation from Moscow. Russia is reportedly planning to launch military exercises on the Ukrainian border, further ratcheting up the tension. Last month, gold rallied to six-month high near $1,390 when Russia annexed the Crimea.

Gold overcame a better-than-forecast durable goods report for March, which initially pushed the metal to 10-week low in intraday trading before it rebounded strongly on sharply higher jobless claims and the Ukraine news. The dollar fell against most rivals and Treasuries rebounded on flights to safety. The other precious metals also rallied, with silver jumping1.3% while platinum and palladium picked up 0.4% and 2.1%, respectively.

At the Comex close: June gold gained $6, or 0.5%, to settle at $1,290.60; May silver jumped 25 cents to end at $19.69; July platinum picked up $5.70, to $1,409.60; and June palladium added $16.30, to $802.30 an ounce.