Daily Gold Update

Source: Marketwatch

New York— Gold futures rose sharply Wednesday, after touching a record $967.70 an ounce, propelled by the euro's surge to a peak against the U.S. dollar. Gold for April delivery gained $12.40, or 1.3%, at $961.30 an ounce on the New York Mercantile Exchange. Earlier, the contract hit a record $967.70 an ounce.

"We're definitely seeing the rally spurred by dollar weakness and a continued strong bid into all things commodity," said Zachary Oxman, senior trader at Wisdom Financial. "Funds and speculators alike seem to be scrambling to get long commodities, gold especially," Oxman said. Weakness in the U.S. dollar boosted gold's investment appeal. Gold, like many commodities, is denominated in dollars, and a lower U.S. currency makes it more affordable in other currencies. See full story.