Daily Gold Update

Source: Marketwatch

New York— Gold futures rose Thursday for the first session in nine as crude-oil and U.S. stock prices fell, increasing the metal's investment appeal. Trading in gold could remain choppy, analysts said, as investors digest European central banks' interest-rate cuts and as fresh data on unemployment claims detailed U.S. job losses. The dollar moved higher against most of its major rivals, playing off rate cuts in Europe. Gold for April delivery was last up $11.60, or 1.3%, to $918.30 an ounce on the Comex division of the New York Mercantile Exchange. The contract had tumbled about $90 over the past eight straight sessions, the longest losing streak since August.

"Gold will continue to be supported by safe-haven demand on weak economic data," wrote James Moore, an analyst at TheBullionDesk.com. "However with scrap sales continuing to be seen and risk appetite improving the metal will remain vulnerable to further pockets of liquidation." Gold holdings in SPDR Gold Shares, the largest gold exchange-traded fund, again stood at a record high of 1,029.29 tons on Wednesday, unchanged for a fifth day, according to the latest data from the fund. See full story.