Daily Gold Update

Source:MarketWatch

New York— Gold futures rose Wednesday to the highest level in nearly two months, briefly topping $940 an ounce as the U.S. dollar dropped against the euro for a third straight session, increasing gold's investment appeal. Concerns over long-term inflation also helped gold move higher, as investors tend to buy the metal as a hedge against rising prices.

Gold for June delivery rose $10.70, or 1.2%, to end at $937.40 an ounce on the Comex division of the New York Mercantile Exchange, the highest level since March 26. It rallied to as high as $941 earlier. Gold's gain came amid broad rallies in commodities. Oil futures rose above $61, heading for their highest close in more than six months.

"We could see renewed interest from investors aiming to take advantage of gold's traditional role as an inflation hedge," said James Moore, a precious metals analyst at TheBullionDesk.com, in a research note. See Full Story: Marketwatch