Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures rallied for a fifth day, up more than $10 to near $915 an ounce, as the dollar fell for a second day against a basket of other major currencies, increasing gold's attraction as an investment alternative. Gold futures for February delivery gained $10.3, or 1.1%, to $913.4 an ounce on the New York Mercantile Exchange in mid-morning trading. They surged to an intraday high of $916.1 an ounce earlier in electronic trading. Gold has gained more than $50 since last Monday's closing.

The dollar index, which tracks the value of the greenback against a basket of other major currencies, fell to 75.2 on Tuesday, the lowest in more than six weeks. "Dollar weakness, oil and commodity strength and the continuing credit crisis were again driving forces in the gold market," said Mark O'Byrne, an analyst at Gold and Silver Investments Ltd. As the dollar becomes weaker and worries increased that the U.S. economy is falling into recession, investors are buying gold as an investment haven. See full story.