Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold fell 0.6% to close under $1,310 as risk appetite returned after yesterday's flights to safety following the downing of a Malaysian Airlines jetliner in eastern Ukraine. The metal finished the week with a 2.1% loss for its first down week in seven.

U.S. and global equities bounced back after yesterday's selloff as the Ukrainian crisis showed few signs of escalating for now. The Dow added 117 points to close at 17,100 while the S&P 500 jumped 1% and the Global Dow picked up 0.5%. The rallies came despite news of falling U.S. consumer sentiment and Israel's launching of a ground offensive in Gaza. Treasury prices slipped for the day but posted a second straight weekly gain on rising geopolitical instability.

The other precious metals were weaker on the day and mixed on the week. Silver surrendered 1.2% of yesterday's 1.7% gain, closing the week down 2.6%. Platinum dropped 0.9% today for a weekly loss of nearly 1.6%. Palladium, the weekly outlier, gained 0.7% since last Friday despite sliding by 0.4% today, buoyed by the prospect of deeper sanctions against Russia, a leading producer.

At the Comex close: August gold fell $7.50 to $1,309.40; September silver dropped 25 cents to $20.89; October platinum lost $13.80 to $1,489.90; and September palladium slid $3.60 to $881.50 an ounce.