Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.7% to close near $1,205 after Saudi airstrikes on Yemen spurred safe-haven inflows. The metal has now risen nearly 5% over the past seven sessions.

A coalition led by Saudi Arabia and backed by U.S. logistical support and intelligence bombed Houthi rebels in Yemen today, rattling markets and driving oil prices back over $50 a barrel. While Yemen's oil output is small, it occupies a chokepoint for distribution from major OPEC producers. The escalation of tensions in the region is causing increased concern about potential disruptions in supply.

Gold was further supported by worries about Greece's ability to meet creditor demands and quality for the bailout funds it needs to remain solvent. Greek bank deposits plunged to the lowest level in ten years last month as capital fled the region. Prime Minister Alexis Tsipras has until Monday to present details of a workable economic plan before the ECB will release additional aid.

U.S. and global equities receded as investors shed risk. The other precious metals rose alongside gold, with silver climbing 0.8% while platinum and palladium gained 0.7% and 1%, respectively.

At the Comex close: April gold gained 7.80 to $1,204.80; May silver rose 14 cents to $17.14; April platinum picked up $7.50, to $1,154; and June palladium jumped $7.95 to $773.35 an ounce.