Daily Gold Update

Source: Marketwatch

New York— Gold continued its march toward 30-year highs on Thursday, receiving a fresh boost from new weakness in the dollar and higher crude oil prices. Gold for December delivery finished up $6.40, or 0.8%, at $768.70 an ounce on the New York Mercantile Exchange. Gold's latest gains came after the dollar slumped after a jump in U.S. weekly jobless claims and as Bank of America's third-quarter results revived concerns about the impact of the credit crisis.

"Gold is pausing at a higher level than expected as the dollar turns back from resistance at 78 on the dollar index and stares down to much lower levels," said Jullian Phillips, an analyst at GoldForecaster.com, in a note. "Likewise oil doesn't want to listen to analysts who say it should be at $65, but has a hand up towards $100, much to our horror," he said. "Now add to that the prospect of Turkey invading the land of the Kurds, an added ingredient in the global pot of uncertainty, and you have a recipe for strong precious metal performance." See full story.