Daily Gold Update

Source: MarketWatch

New York— Gold and platinum futures soared anew Thursday, establishing record highs as other metals prices also rallied, boosted by weakness in the dollar and gold's appeal as a hedge against inflation. Gold for April delivery surged to a record at $952.40 an ounce on the New York Mercantile Exchange. April gold was last trading up $11 at $948.80 an ounce. April platinum futures also hit a record, climbing as high as $2,194.80 an ounce, and stood lately at $2,177 an ounce, up $38.20, or 1.8%. Also on Nymex, March palladium rose $23.50, or nearly 5%, at $517.70 an ounce, while March silver gained 16 cents to $17.93 an ounce and March copper added 2 cents at $3.73 a pound.

"Gold has surged on increasing inflation concerns with yesterday's stronger-than-expected and sharply higher U.S. CPI report," said Mark O'Byrne, executive director at Gold & Silver Investments Ltd., in a note. "With the commodities complex continuing to surge and oil staying above $100 a barrel, inflation will continue to increase significantly in the U.S. and internationally," he said. See full story.