Daily Gold Update

Source: MarketWatch

New York— Gold futures ended slightly higher on Wednesday, after surging to a record high of $894.40 in the morning, as commodity funds increasingly tilt their holdings towards metals. Gold for February delivery earlier soared to $894.40 an ounce in electronic trading on the New York Mercantile Exchange, beating the previous record of $883.80 an ounce set Tuesday. The new high remains considerably lower than the inflation-adjusted peak of about $2,200 per ounce. February gold finished up $1.40 at $881.70 an ounce.

The $900 mark "has quickly come within range as index re-balancing adds additional momentum to the already steady investment inflows prompted by lower interest rate expectations, oil-related inflation and the current geo-political tensions," said James Moore, an analyst at TheBullionDesk.com, in a research note. See full story.