Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed at their strongest level in almost two weeks Thursday, and other metals prices rallied, propelled higher by the U.S. dollar's tumble against other major currencies and strength in oil prices amid rekindled fears about the financial sector. Gold for December delivery rose $22.70, or 2.8%, to close at $839 an ounce on the New York Mercantile Exchange after a high of $844. It closed at its strongest level since Aug. 8 and reached its highest level since Aug. 11, on an intraday basis.

The U.S. dollar retreated extended its losses against most major currencies Thursday, losing more ground after downbeat U.S. economic data exacerbated a sell-off linked to rebounding oil prices. U.S. leading economic indicators fell 0.7% in July, pointing to "slow growth the rest of the year, and possibly an economy grinding to a halt," the Conference Board reported Thursday. Also Thursday, The Federal Reserve Bank of Philadelphia said manufacturing activity declined in the Philadelphia region for the ninth month in a row in August. See full story.