Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.3% to close above $1,842 as weak US consumer data stoked demand for safe havens. The metal than surged another $25 an ounce to $1,867 in electronic trade after the White House warned that Russia is on the verge of invading Ukraine. The metal finished the week 1.9% higher.

The University of Michigan's survey of consumer sentiment fell to an 11-year low in February as Americans grow increasingly concerned about sharply higher prices. Inflation expectations for next year jumped to 5%, the highest level since 2008.

The data comes one day after the Consumer Price Index showed inflation climbing 7.5% for the year ending in January, the highest in 40 years.

Gold is often sought as a hedge against loss of purchasing power due to sharply higher inflation.

Late in the day, National Security Advisor Jake Sullivan told reporters that Russia could invade Ukraine "any day now," urging all Americans to leave the country within 48 hours.

Benchmark 10-year Treasury yields tumbled nearly 8 basis points, the biggest in two weeks, as investors fled to safety after the Ukraine warning. Falling yields support gold by decreasing the opportunity cost for holding it instead of bonds.

All three major US equity indexes took heavy losses on risk-off sentiment. The Dow fell 1.5% while the S&P 500 lost 1,9% and the Nasdaq 2.8%.

Capping gold's gains, the dollar jumped 0.5% after hours, also on flights to safety. A stronger dollar make gold more expensive overseas.

The other precious metals were lower for the session, with silver sliding 0.6% while platinum and palladium lost 2.3% and 3.2%, respectively.

At the Comex close: April gold gained $4.70 to $1,842.10; March silver dropped 15 cents to $23.52; April platinum shed $23.80 to $1,018.70; and March palladium lost $71.70 to $2,193.60 an ounce.