Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold surged 1.6% to close at $1,902 as deepening Russia-Ukraine turmoil and weak US data hammered stock markets, boosting demand for safe-haven assets. It was the metal's first finish above $1,900 since early June.

NATO accused Russia of misleading the world by falsely claiming that it has pulled soldiers away the border with Ukraine. Rather, Moscow has increased its troops by 7,000 over the past 48 hours, according to British Defense Secretary Ben Wallace, bringing the estimated total to more than 150,000.

President Biden warned that Russia could invade Ukraine within the next "several days."

Wall Street tumbled on the rising tensions, with the Dow and S&P 500 dropping 1.8% and 2.1%, respectively, while the Nasdaq lost 2.9%.

A spate of weak US economy data added to risk-off sentiment. First-time jobless claims jumped an unexpected 23,000 to a three-week high of 248,000 last week. New-home construction fell 4% in January, more than forecast. And manufacturing in the Philly Fed region softened in February, echoing weakness in the New York Fed region.

Benchmark 10-year Treasury yields fell back under 2% as investors shed risk for safe-havens like bonds and gold. Falling yields support gold by decreasing the opportunity cost for holding the non-yielding asset.

The other precious metals were also higher, with silver rising 1.1% while platinum and palladium picking up 2.7% and 3.9%, respectively.

At the Comex close: April gold gained $30.50 to $1,902; March silver added 27 cents, to $23.88; April platinum climbed $29 to $1,092.70; and March palladium picked up $87.50 to $2,359.10 an ounce.