Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.5% to close at a one-week high just under $1,289 as a new phase in the Ukraine crisis spurred investors to seek out safe havens.

NATO reported today that at least 1,000 Russian troops are now active combatants in the Ukraine, having entered in secret with artillery and armored vehicles to prevent the defeat of pro-Russian separatists. European leaders will discuss deeper sanctions against Russia this weekend for its expanding role in the conflict.

The rise in geopolitical turmoil trumped data showing that the U.S. economy expanded more than expected in the second quarter, growing at a rate of 4.2% rather than the 4% originally reported. Equity markets rolled back, with the Dow slipping nearly 0.3%, while U.S. Treasury bonds rose alongside gold on flights to safety. The Global Dow fell harder, dropping 0.5% as tensions with Russia depressed the outlook for growth in Germany, the Eurozone's largest economy.

The other precious metals tracked higher with gold. Silver led the way by gaining 0.6%, its biggest one-day rise in four weeks, while platinum and palladium each picked up 0.4%.

At the Comex close: December gold gained $6.80 to $1,288.70; September silver jumped 13 cents to $19.53; October platinum added $5.30, to $1,425.20; and December palladium picked up $3.40, $898.10 an ounce.