Daily Gold Update

Source: Marketwatch

New York— Gold futures surged to a new high of $995.20 an ounce Wednesday, boosted by ongoing investment flows into commodities, a rally in crude oil and the dollar's tumble to a record low against the euro. Gold for April delivery was last up $23.90 at $990.20 an ounce on the New York Mercantile Exchange. Earlier it surged to a record high of $995.20 an ounce. Silver and copper futures also rallied.

"We've got the stock market back up, and as such, the trade is flowing back into gold," said Zachary Oxman, a senior trader at Wisdom Financial. "Dollar weakness and the huge crude rally are helping as well," Oxman said. Crude-oil futures surged nearly 3% to trade above $102 a barrel after data showed U.S. crude inventories fell unexpectedly and the Organization of Petroleum Exporting Countries decided to keep its production levels unchanged. See full story.