Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures ended higher Thursday, settling above $1,400 an ounce, as Japan tried to bring dangerous conditions at its crippled nuclear plant under control and as inflation in the U.S. has crept higher. That was the first time it settled above $1,400 since Monday. The stock market also rebounded Thursday after three straight days of losses following Japan’s deadly earthquake, tsunami and subsequent nuclear disaster, which led some investors to sell assets to raise cash, not sparing their holdings in metals.

“You are seeing a bit of relaxing in the pressure to sell whatever you had to make your portfolio whole,” said Bart Melek, head of commodities at TD Securities in Toronto. On Thursday, investors became less negative about Japan “as the situation there is a tad less critical than it was,” he said. See full story.