Daily Gold Update

Source: Marketwatch

New York— Gold futures rose to a record high of $970 an ounce Thursday, propelled by the dollar's tumble to a new low against the euro. Gold for April delivery hit $970 an ounce on the New York Mercantile Exchange. The contract was last up $6.80 to $967.80 an ounce.

"The recent string of U.S. data has been appalling and this is putting significant pressure on the dollar and supporting gold," said Mark O'Byrne, executive director at Gold and Silver Investments Ltd., in a note. On Wednesday, gold rose $12.10, or 1.3%, to $961.0 an ounce. Earlier in that session, the contract hit a record $967.70 an ounce. Weakness in the U.S. dollar boosted gold's investment appeal. Gold, like many commodities, is denominated in dollars, and a lower U.S. currency makes it more affordable in other currencies. See full story.