Daily Gold Update

Source:Marketwatch

New York— Gold futures rose to trade near $880 an ounce Thursday, underpinned by crude-oil prices near a record high as well as weakness in the U.S. dollar. Gold for June delivery gained $8.30 at $879.50 an ounce on the New York Mercantile Exchange.

"The dollar seems set to provide much of the day's trading direction, while the start of Akshaya Tritiya celebration in India should see physical buying and provide background support," said James Moore, analyst at TheBullionDesk.com. On Wednesday, gold closed $6.50 lower at $871.20 an ounce, after climbing nearly $27 over the previous three trading sessions. The dollar was modestly lower Thursday, losing ground to the euro and the pound after both the European Central Bank and the Bank of England both decided to hold policy steady. ECB President Jean-Claude Trichet cited inflation risks in his statement, further bolstering the common currency. See full story.