Daily Gold Update

Source: MarketWatch

New York— Gold futures surged nearly 3% to trade above $900 an ounce on Thursday, as traders' appetite for the precious metal was boosted by a recovery in U.S. stocks and rising crude-oil prices. Gold for February delivery rose $24.40, or nearly 3%, at $907.50 an ounce on the New York Mercantile Exchange. On Wednesday, gold futures dropped $7.20 to end at $883.10 in a very volatile trading session.

"Gold prices are higher on the back of firmer oil price and bargain hunting after the sell-off this week," said analysts at Action Economics. "Bullion was hit by investors selling gold to cover losses from the sale of equities, but with stock markets rebounding gold prices are firming again." See full story.