Daily Gold Update

Source: MarketWatch

New York— Gold futures rose Thursday, as grim economic data, falling U.S. equities and ongoing concerns about the financial sector increased the metal's appeal as a safe haven. Gold for February delivery rose $8.70 to end at $858.80 an ounce on the New York Mercantile Exchange. Earlier, the contract had fallen to an intraday low of $844.40.

"Even with a firm U.S. dollar, gold is benefiting from a host of factors, but among the ones in today's spotlight is the destruction of the banking sector," said Peter Spina, an analyst at GoldSeek.com. "With Citigroup resuming its plunge, anxiety levels are increasing once again," Spina said. "The fear of additional losses, bailouts and collapses of major financial institutions are returning to the forefront." On Wall Street, U.S. stocks posted losses, with shares of Citigroup tumbling 13%. See full story.