Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold added 0.5% to close at $1,379, its highest finish in six months, as investors sought safety ahead of Sunday's referendum in the Crimea. Viewed as illegal by the U.S. and European Union, the vote on whether to secede from the Ukraine is generally seen as a thinly veiled attempt by Russia to legitimate its occupation of this contested region. Russian troops are amassing on the Ukrainian border, raising the threat of further invasion and stoking risk-off sentiment in global markets. The Dow and Global Dow dropped 0.3% and 0.8%, respectively. U.S. consumer sentiment hit a four-month low in March, which also weighed on equity markets.

Gold rose high as $1,388 today in intraday trade before pulling back on reports that U.S. wholesale prices fell in February, reducing the need for inflation hedges. Gold has gained for five straight sessions picking up 3% for the week, largely behind safe-haven demand because of geopolitical uncertainty. U.S. Treasurys also gained on the week in flights to safety.

Silver added 1% today and 2.3% this week. Platinum and palladium, more closely tied to industry, fell along with risk appetite. Platinum lost 0.7% today and 0.9% this week while palladium shed 0.7% for the day and 1.1% for the week.

At the Comex close: April gold added $6.60, to $1,379; May silver climbed 22 cents to $21.41; April platinum dropped $9.80 to $1,469.60; June palladium lost $5.70 to $773.25 an ounce.