Daily Gold Update

Source: Marketwatch

New York— Gold futures rose sharply on Tuesday, as the euro's rally to a record high against the dollar boosted demand for the precious metal. Gold for December delivery surged $16.50, or 2%, at $794.50 an ounce on the New York Mercantile Exchange. Other metals prices traded mostly higher.

"Dollar weakness and general stock market strength leads to a strong buy into gold," said Zachary Oxman, a senior trader at Wisdom Financial. "I'd bet that funds today are again accumulating longs in crude and gold on market strength…. If you also look at bond prices today, you're seeing a shift out of the long side of bonds into the market, gold and crude," Oxman said in emailed comments. "That seems like the trade today ahead of a light end of week." See full story.