Daily Gold Update

Source: MarketWatch

New York— Gold futures rose to trade near $926 an ounce Monday, rebounding after the precious metal tumbled nearly $80 last week. Gold for April delivery gained $6.10 at $926.10 an ounce on the New York Mercantile Exchange.

After hitting a record high of $1,034 an ounce last Monday, gold's subsequent sharp drop led it to post an 8.3% decline for the shortened trading week. U.S. markets, including the Nymex, were closed on Friday. "It will be interesting to see whether the flood of money that has recently left commodities continues to move back into the recovering stock and bond markets," said Edward Meir, an analyst at MF Global, in a research note. "We suspect that the correction in commodities still has some ways to go, and we could push somewhat lower from here in most complexes," Meir said. See full story.