Daily Gold Update

Source: Marketwatch

New York— Gold futures finished slightly higher Thursday but still significantly below the record high of $942.20 they hit after the Federal Reserve cut interest rates, as the market looked for direction following the strong gains of the last few days. Gold for April delivery gained $1.70 to end at $928 an ounce on the New York Mercantile Exchange. On Wednesday, gold futures hit a new high of $942.20 an ounce after the Federal Reserve cut the fed funds rate by 50 basis points to 3.0%, meeting market expectations.

The Fed rate cut was "exactly what the market hoped for," said Zachary Oxman, a senior trader at Wisdom Financial. "Gold caught a nice bid and is strongly supported at these levels as inflation and a weak dollar continue to play out… I believe traders should continue to accumulate on dips and look to play the long side into resistance at $950," Oxman said. See full story.