Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold gained for the third straight day, adding 0.8% to close above $1,300 for the first time in seven sessions, as rising tensions between Russia and the West drove safe-haven buying. Gold ended the week 0.5% higher.

After pro-Russian forces seized a bus carrying mediators, the U.S. declared its intention to impose deeper sanctions on Moscow to punish its expansionist aggression. Germany and Britain also called for new measures. Ukrainian Prime Minister Arseny Yatseniuk accused Russia of trying to provoke World War III by occupying his nation "militarily and politically."

Increasing geopolitical volatility spurred risk-off sentiment, driving the Dow and Global Dow lower by nearly 1% while Treasuries rose for a fourth session as investors sought safer havens.

The dollar jumped against the ruble on threats of new sanctions but lost ground against most major rivals, supporting precious metals and other commodities denominated in dollars for international trade. Silver was flat today but, like gold, gained 0.5% on the week. Platinum picked up 1% today but slipped 0.3% this week while sister-metal palladium added 1.1% for a weekly gain of 0.5%.

At the Comex close: June gold gained $10.20 to $1,300.80; May silver finished flat at $19.69; July platinum picked up $14.70 to $1,424.30; and June palladium added $8.90 to $811.20 an ounce.