Gold's Rally Is Focused on Ukraine Conflict Even With Opposing Factors

GOLD

Gold made an attempt to break through the key $2,000 per ounce resistance level this morning. Even in the face of continued higher interest rates and stronger U.S. Dollar, Gold’s rally focused on the escalating conflict in Ukraine which is driving extreme geopolitical concerns and attracting fresh safe haven demand for precious metals. Gold traded today between $1,978 and $2,000, closing near the low of $1,980, up $5 from last Thursday.

SILVER

Silver rallied with Gold this morning, breaking through the $26 per ounce level and reaching a high of $26.11 per ounce before seeing short-term profit taking. Demand for popular Silver investment products remains strong and premiums are holding at a high level. Silver traded today above and below the important $26 level. At 11am PT today, Silver is up $0.25 per ounce, at $25.91 on average volume.