Daily Gold Update

Source: Marketwatch

New York— Gold futures rose on Wednesday, hitting an 18-month high earlier in the session, as a weakening dollar and expectations of a rebound in the global economy heightened demand for the precious metal as an alternative investment. "Gold has found its footing in the low $1,000-an-ounce and looks set to launch an assault on the all-time record nominal high," analysts at GoldCore wrote in an email. The record intraday price for a front-month gold contract is $1,033.90 an ounce set on March 17, 2008.

Gold for December delivery, the most actively traded contract, finished at $1,020.20 an ounce, up $13.90, or 1.4%, on the day. It earlier reached an intraday high of $1,023.30, its highest level since March 2008. The front-month September contract finished at $1,018.90 an ounce, up $13.90, or 1.3%. The dollar, which has served as a safe-haven asset over the past year because of its low yield, fell back to its lows of the year on Wednesday, after more upbeat U.S. economic reports. See full story.