Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

Austin— Gold surged 1.8% to close at a four-week high near $1,259 as political turmoil in Washington rattled markets and boosted demand for safe havens. It was the metal's sixth straight winning session.

The New York Times reported that President Trump tried to influence an FBI investigation into links between his presidential campaign and Russia. In a February meeting behind closed doors, Trump asked then-FBI-Director James Comey to end the investigation into National Security Advisor Mike Flynn's Russian ties, according to a memo written by Comey immediately after the fact.

The incendiary news comes just days after Trump's firing of Comey and sharing of sensitive intelligence with the Russian officials.

U.S. stocks markets tumbled to their worst daily decline in eight months as the controversies swirling around Trump weighed on investor sentiment. The Dow and S&P 500 both were down 1.5%, while the Global Dow slid 1%.

The dollar plunged 0.8% against major rivals, supporting gold and other commodities denominated in it for international trade. Yields on U.S. Treasurys sank to a four-week low as investors sought safety.

The other precious metals were mostly higher, with silver and platinum each adding 1% while palladium fell 1.9%.

At the Comex close: June gold gained $22.30 to $1,258.70; July silver rose 16 cents to $16.91; July platinum added $9.37, to $946.10; and June palladium lost $8.64 to $777 an ounce.