Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold surged 2.3% to close near $1,944 as Russia stepped up its invasion of Ukraine, sending investors fleeing for safe havens. It was the metal's highest finish since January 2021.

As the invasion entered its sixth day, Russia intensified its bombardment of Kharkiv, Ukraine's second-largest city, while a 40-mile convoy of Russian tanks and military vehicles reported converged on Kyiv, the capitol.

The US and its allies levied additional sanctions on Russia and its oligarchs, effectively freezing assets and removing Russian banks from SWIFT, the global interbank system that allows for currency and trade exchanges.

Global markets continued to reel from the uncertainty caused by both the war and the sanctions. The Dow and Global Dow each fell around 2% while the S&P 500 and Nasdaq shed 1.5% each.

Benchmark 10-year Treasury yields plunged under 1.7% as investors poured into the safety of government bonds and gold.

Oil prices continued to skyrocket on anxiety that supplies will be constrained by the conflict. Global benchmark Brent crude added another 7.4% to more than $105 while WTI crude, the US benchmark, leapt 8.3% to more than $103, the highest finish since June 2014.

Gold often trades in sympathy with oil as a hedge against energy-related inflation.

Capping the metal's rise, the dollar rallied 0.7% on flights to safety as the euro tumbled. A stronger dollar makes gold and other commodities pricier in other currencies.

The other precious metals were also sharply higher, with silver jumping 4.8% while platinum and palladium added 1.3% each.

At the Comex close: April gold surged $43.10 to $1,943.80; May silver jumped $1.18, to $25.54; April platinum picked up $13.20 to $1,051.90; and June palladium added $33.20, to $2,537.80 an ounce.