Daily Gold Update

Source: MarketWatch

New York— Gold futures rose Wednesday for the first session in three, climbing back above $900 an ounce as safe-haven buying returned, helped by data indicating another hefty month of job losses in the U.S. The U.S. private sector shed 522,000 jobs in January, according to the ADP employment index. Separately, reserves of gold and gold receivables held by euro-zone central banks rose last week for the first time in two months, the European Central Bank reported Tuesday. Gold for February delivery ended up $9.60, or 1.1%, at $901.60 an ounce on the Comex division of the New York Mercantile Exchange. The contract had closed below $900 in the previous session.

"The rise we have seen today is pointing to an investment against economic uncertainty and a disturbed financial system on many fronts," said Julian Phillips, editor at GoldForecaster.com. The February contract expires on Feb. 20, with open interest, or total amount of outstanding contracts, remaining at 361,900 ounces as of Wednesday. Gold inventories held by the Comex for futures delivery stood at 2,806,596 ounces as of Tuesday, according to the latest data from the exchange. See full story.