Daily Gold Update

Source: MarketWatch

New York— Gold futures ended with a modest gain Tuesday after the Federal Reserve said it is expanding its securities lending program to promote liquidity, bolstering the U.S. dollar. Gold for April delivery rose $4.20 to $976 an ounce on the New York Mercantile Exchange. The gold market has found some support between the $965 and the $987 levels, said Zachary Oxman, a senior trader at Wisdom Financial. "We've recently had a hard time breaking out in either direction, and I think we need to see more data come out to give us a push one way or another," Oxman said. "I'd be trading with a positive bias in this market, but keep your stops close."

The dollar gained against the other major currencies, bid higher after the Federal Reserve announced it was taking coordinated steps with other central banks to boost liquidity in financial markets. The dollar index, which measures the U.S. currency against a basket of major currencies, gained 0.4%. The Fed joined with other central banks to extend its temporary lending program aimed at providing more liquidity to global financial markets by increasing the funds made available and by broadening the collateral it will accept beyond the highest-rated mortgages. See full story.