Daily Gold Update

Source: Marketwatch

New York— Gold futures closed higher Thursday, getting a boost from a rally in crude-oil prices, as traders digested a mixed bag of economic reports, including a seven-year plunge in new-home sales. Gold for December delivery rose $4.40 to close at $739.90 an ounce on the New York Mercantile Exchange. Gold had earlier climbed to an intraday high of $743.

"I think you are seeing large scale end-of-month and end-of-quarter fund buying hitting the gold market," said Zachary Oxman, a senior trader at Wisdom Financial. "The sell-off in the U.S. dollar is also aiding the market at this point and as the U.S.-negative data continues to come out negative and the housing issues continue to grow and worsen, the flight to quality in gold will continue," Oxman said in emailed comments. See full story.