Daily Gold Update

Source: MarketWatch

New York— Gold rose Thursday above $900 for the first time in nearly three weeks after data showed a big increase in claims for U.S. unemployment benefits, raising economic worries and increasing the precious metal's value as a safe asset. Copper fell for a fourth session. Gold for June delivery gained $14.10, or 1.6%, to $906.60 an ounce on the Comex division of the New York Mercantile Exchange. May copper lost 5.95 cents, or 2.9%, to $1.992 a pound. Meanwhile, May silver gained 45 cents, or 3.7%, to $12.755 an ounce. Thursday's gain in gold followed its 1% advance in the previous session as gloomy earnings reports from Morgan Stanley and Boeing reinforced economic worries.

"Fund buyers returned" after the economic data, said George Gero, a precious-metals trader for RBC Capital Markets. "Silver dragged up by gold somewhat." James Moore, an analyst at TheBullionDesk.com, said a successful break above $900 will open the way to retest $940. See full story.