Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.8% to close at $1,985 after Russia's hint about at progress in talks with Ukraine caused demand for safe havens to ease. The metal still finished with week nearly 1% higher.

Russia President Vladimir Putin said "there are certain positive shifts" in negotiations with Ukraine, adding that the conflict will end when the West addresses Moscow's concerns about its security. Now in its third week, the unprovoked invasion has killed thousands and displaced around two million people.

While Putin gave no details, the suggestion of a potential resolution was enough to nudge investors to sell Treasurys, lifting benchmark 10-year yields to just under 2%. Higher yields create a headwind for gold by increasing the opportunity cost for hiking it instead of bonds as a safe-haven asset.

Further pressuring gold, the dollar added 0.6% against major rivals on expectations that the Fed will raise interest rates to combat inflation when it meets next week. The CME FedWatch tool put the odds of a quarter-point hike at 97%. A stronger dollar makes gold more expense in other currencies, limiting overseas demand.

The other precious metals were lower for the day and mixed for the week. Silver dipped 0.4% but held a weekly rise of 1.4%. Platinum dopped 0.6% today and 2.5% this week. Palladium shed 4.2% for a weekly decline of 6%.

At the Comex closed: April gold slid $15.40 to $1,985; May silver dropped a dime to 26.16; April platinum dipped $6.60 to $1,088.60; and June palladium dropped $123.70 to $2,796.80 an ounce.