Daily Gold Update

Source: Marketwatch

New York— Gold futures fell 0.9% on Thursday, pulling back from their highest level since mid-January, as the dollar gained on support from U.S. economic data and a European Central Bank official's approval of Greece's plan to fix its finances. That boosted the dollar and in turn detracted from gold's appeal as an alternative investment. Gold for April delivery declined $10.20 an ounce to $1,133.10. The euro slipped to $1.35566 from $1.3708 late on Wednesday.

The dollar gained after a report showed U.S. productivity gained and unit-labor costs fell, signaling slowing price pressures. Also weighing on the euro, ECB president Jean-Claude Trichet praised Greece's plan. See more on ECB, Greece. He seemed to indicate Greece wouldn't need help from the European Union and that soliciting help from the International Monetary Fund would be inappropriate. See full story.