Daily Gold Update

Source: Marketwatch.com

New York— With the U.S. dollar tumbling and inflation surging, gold continues to break record highs and might surpass the psychologically key $1,000 level before the end of March. Gold futures for April delivery ended with strong gains Thursday, surging to a record high of $975 an ounce in after-hours trading, only $25 away from the $1,000 mark. The contract finished regular trading at $967.50 an ounce. Gold prices have surged some 16% in the past two months and 22% in the past three months.

Gold is generally viewed as a safe-haven investment and a hedge against inflation. The turbulence generated by the subprime and credit crises, the increasing likelihood of a U.S. recession, persistent dollar weakness, and rising inflation make owning gold a no-brainer for many analysts. Prices are likely to hit $1,000 an ounce in a matter of days, maybe a month, they say. See full story.