Daily Gold Update

Source: Marketwatch

New York— Gold futures rose Tuesday to a new record high near $1,070 an ounce, as the U.S. dollar hit a fresh 14-month low, increasing gold's appeal as a hedge against a weaker currency. Platinum and palladium rose to the highest level in more than one year. Gold for October delivery, the thinly traded front-month contract, rose $11.70, or 1.1%, to $1,068.40 an ounce on the Comex division of the New York Mercantile Exchange, the highest level for a front-month contract and topping its earlier record of $1,060.40 hit on Oct. 8. The contract recently pared some of its gains, up 0.2% at $1,058.30 an ounce, as the dollar reduced losses. The most actively traded December contract gained 0.1% to $1,058.30.

In currencies trading, the dollar slid against most of its major rivals, with the euro rising as high as $1.4875, the strongest level since August, 2008. The dollar index fell to 75.738, also the weakest in 14 months, before bouncing back to 76.059. "The weak dollar and strong commodity rally is continuing ahead of a deluge of U.S. economic data," said Brian Kelly, chief executive of Kanundrum Research, a commodities and macroeconomic research firm. "For now it is full steam ahead despite the icebergs; by the end of the week we shall know if the dollar follows the path of the Titanic." See full story.