Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold surged 1.5% to close above $1,869 as rising Ukraine-Russia tensions stoked safe-haven demand. It was the metal's highest finish since mid-November.

A phone conversation between Biden and Putin on Saturday apparently produced no breakthroughs in a crisis that has put the world on edge. German Chancellor Olaf Kohl traveled to Moscow today in a last-ditch effort to prevent armed conflict. At the same time, Germany moved extra troops and howitzers to bolster NATO forces in Lithuania.

In a possible signal that an invasion is imminent, the US is closing its embassy in Kyiv and shifting all diplomatic operations to western Ukraine. Several other western nations including Greece and Lithuania are urging all their citizens to leave.

US stock indexes pulled back as geopolitical uncertainty and the prospect of aggressive monetary tightening from the Fed caused risk-off sentiment among investors. The Dow and S&P 500 lost 0.5% and 0.4%, respectively while the global Dow dropped 1.5%.

The dollar picked up 0.3% against major rivals on flights to safety, limiting gold's gains by making it more expensive overseas.

The other precious metals were also higher, with silver and platinum rising 2.1% and 0.9%, respectively, while palladium soared 7% on worries about supply disruptions out of Russia, one of the world's major producers, because of tensions with Ukraine.

At the Comex close: April gold surged $27.30 to $1,869.40; March silver added 48 cents, to $23.85; April platinum picked up $9.30 to $1,028; and March palladium leapt $152.40 to $2,346 an ounce.