Daily Gold Update

Source: MarketWatch

New York— Gold futures continued to advance Wednesday as the dollar fell and crude futures gained ground. Gold for April delivery was up $7.20, 0.8%, at $942.20 an ounce. The dollar index, which tracks the value of the greenback against a basket of major currencies, was down 0.3% at 71.81.

The dollar came under renewed pressure, especially against the euro, after reports showing resilient business sentiment in the euro zone's two biggest economies. News of a 1.7% drop in U.S. orders for durable goods in February, marking a second decline in a row, further pressured the U.S. currency. In addition, new homes also fell to a 13-year low in February. Gold also benefited from renewed jitters about the financial crisis, after The Wall Street Journal reported that a $19 billion deal to take Clear Channel Communications private is about to fall apart over credit terms. See full story