Daily Gold Update

Source: Marketwatch

New York— Gold futures ended with strong gains Thursday, as weakness in the U.S. dollar after downbeat jobs data boosted demand for the precious metal. Gold for June delivery rose $9.40 to end at $909.60 an ounce on the New York Mercantile Exchange. "The market keyed on a weaker dollar and strong commodities into the close," said Zachary Oxman, a senior trader at Wisdom Financial. "The numbers this morning reminded us that the economic woes are not over yet and turned some back to the flight-to-quality trade."

Today's rise follows a 1.4% gain to $900.20 an ounce Wednesday, which James Moore, analyst at TheBullionDesk.com, said reflected the metal's key role as a safe-haven asset. "Given the current economic climate, the metal remains comfortable within its longer-term bull trend," Moore said. "In the immediate future, we expect rallies to be used as profit-taking opportunities." The dollar slipped after data showed first-time applications for state unemployment benefits rose last week to their highest level since mid-September 2005, boding poorly for monthly data scheduled to be released Friday. See full story.