Daily Gold Update

Source: Marketwatch

New York— Gold futures rose to trade near $921 an ounce Friday, gaining as the dollar traded lower against most of its major foreign-exchange rivals. Gold for April delivery surged $11.30 at $921.30 an ounce on the New York Mercantile Exchange. "The fact that dips below $900 remain well-supported continues to suggest that investors are still keen to increase their holdings, and that once the current base-building phase is over, the metal will look to challenge" its recent highs, said James Moore, analyst at TheBullionDesk.com, in a research note.

In Thursday's trading, gold futures moved $5 an ounce higher, extending a surge of $14.70 an ounce, or 1.6%, on Wednesday. The dollar tumbled more than 1% against the Canadian dollar, reflecting strong employment data reported out of Canada, but otherwise stuck mostly to recent trading ranges as currency traders awaited a meeting of Group of Seven finance ministers and central bankers. The dollar index, which tracks the performance of the greenback against a basket of six major currencies, was at 76.692, down from 76.851 in late U.S. trading Thursday. See full story.