Gold News & Info

Source:Dana Samuelson, American Gold Exchange

AustinPrecious metals all moved higher Thursday. As the war in Ukraine entered its second month, ongoing uncertainty over its outcome and increasing sanctions on Russia continued to push up commodity prices, fueling inflationary forces. While gold gained almost $25 or 1.25%, silver surged 71 cents or almost 3% higher.

President Biden announced new sanctions on over 400 Russian elites, lawmakers and defense companies while attending a NATO summit to discuss the war in Ukraine with European allies. In addition, the US and EU are banning gold transactions with the Russian central bank in an attempt to further deny Russia access to foreign capital. The US and allies have already blocked the Russian central bank from approximately half of $630 billion in foreign reserves in previous sanctions.

At the Comex close: April gold gained $24.90 to $1,962.20; May silver climbed 71 cents to $25.90; April platinum gained $10.20 to $1,031.20; and June palladium picked up $10.10 to $2,529.40 an ounce.