Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold rebounded 1% to regain $1,300, closing above $1,303, as escalating turmoil in the Ukraine and Gaza fueled demand for safe havens. Despite today's rally the metal slipped 0.5% for the week, posting its second straight weekly loss following its six-week winning streak.

Russia and Ukraine exchanged accusations and heated rhetoric over yesterday's shooting down of two Ukrainian jetfighters and last week's destruction of a Malaysian Airlines passenger plane. Israel and Hamas engaged in the bloodiest day of fighting in Gaza since the crisis began more than two weeks ago.

This rising geopolitical uncertainty combined with shaky corporate earnings and a mixed U.S. durable goods report to stoke risk-off sentiment, driving U.S. and global equities lower. The Dow lost more than 0.7%, closing below 17,000 to cap its worst week in a month and a half. U.S. Treasury bonds gained alongside gold in flights to safety, rising for the third straight week.

The other precious metals tracked gold higher for the day and lower for the week. Silver recouped 1.7% today but fell 0.5% this week. Platinum and palladium added 0.5% and 1%, respectively, but closed the week with respective losses of 0.6% and 0.2%.

At the Comex close: August gold gained $12.50 to $1,303.30; September silver jumped 36 cents to $20.78; October platinum picked up $6.70 to $1,480.40; and September palladium recouped $9.20 to $880.15 an ounce.