Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold climbed 0.2% to finish above $1,910 as the escalating Russia-Ukraine crisis continued to weaken stocks and lift safe-haven assets. It was the metal's highest close since early January 2021.

Ukraine declared a state of emergency and prepared for war after Russia moved troops into parts of two regions where Russia-backed separatists have skirmished with government forces since 2014. A series of cyberattacks on Ukraine's government websites followed the troop movements.

Moscow has begun evacuating diplomatic personnel from Ukraine missions in what many fear is a precursor to full invasion.

Meanwhile, governments around the globe have denounced Russia's actions as violations of international law. The US and allies including the EU, Britain, and Japan have announced a first wave of carefully calibrated sanctions, ready to scale up the penalties if aggression escalates.

Wall Street tumbled further on the turmoil. The Dow lost 1.2% while the S&P 500, sliding deeper into its first correction in almost two years, lost 1.6%. A technical correction is a drop of 10% from a recent peak. Losing another 2.3% today, the Nasdaq has now plunged 15% this year.

The other precious metals were also higher, with silver adding 1% while platinum and palladium picked up 0.5% and 2.9%, respectively.

At the Comex close: April gold rose $3 to $1,910.40; March silver added 24 cents, to $24.55; April platinum picked up $5.70 to $1,091.70; and March palladium surged $68.80 to $2,440.60 an ounce.