Daily Gold Update

Source: Dana Samuelson, American Gold Exchange

Austin, TX— Following Wednesday�s sharp gains, precious metals prices were mixed Thursday, with gold, platinum and palladium moving slightly higher and silver edging slightly lower. Precious metals were all firm in overnight trading, and gold made a new short-term high of $1,375.70. This morning, however, the release of the U.S. jobless claims report, which was modestly better than analysts anticipated, created some selling pressure in the precious metals complex. Once that selling pressure dissipated, precious metals moved higher during the Comex session in rather choppy trade.

The Ukraine conflict and, in particular, this Sunday�s Crimean vote on whether to leave the Ukraine continues to exert upward pressure on the precious metals complex. Today U.S. Secretary of State John Kerry said that the U.S. and Europe will take �very serious� steps the day after the vote �if there is no sign� of a resolution to the crisis. German Chancellor Angela Merkel weighed in as well. �If Russia continues on the course of the last weeks it won�t just be a catastrophe for Ukraine,� Merkel told lawmakers in Berlin. �It would also cause massive economic and political harm to Russia.�

Overnight China released economic data for its January and February period indicating it�s industrial-output, investment and retail sales growth were all at their lowest rates in years, confirming that the Chinese economy is expanding at a slower rate than previously anticipated. Conversely, the U.S. Labor department reported today that jobless claims for the week ending March 8th dropped 9K to 315K, the lowest level since November, indicating that the U.S jobs market continues to improve gradually. Analysts surveyed were expecting total claims to be approximately 330K. In addition, continuing claims declined for the third week in a row. So while growth in the world�s 2nd largest economy cools, growth in the world�s largest economy continues to shows signs of modest improvement.

At the Comex close: April gold gained $1.90, to $1,372.20; May silver slid 16 cents to $21.169; April platinum gained $3.10 to $1,479.40; and June palladium gained $1.80 to $778.95.