Daily Gold Update

Source: MarketWatch

New York— Gold futures rose Wednesday for the first session in four, boosted by a weaker dollar and rising demand for gold exchange-traded funds. But gains were limited by better-than-expected U.S. durable goods sales data, which reduced gold's attractiveness as a safe-haven investment. Gold for April delivery ended up $12, or 1.3%, at $935.80 an ounce on the Comex division of the New York Mercantile Exchange. It fell to $916 earlier.

After jumping nearly $70 last Thursday to end near $960 an ounce, gold had lost $35 in the following three sessions. Wednesday's gain marked its first attempt to approach the $960 level again. "Increased risk appetite following the tackling of toxic assets and surprisingly strong economic data weighed further on precious metal sentiment," wrote James Moore, a precious metals analyst at TheBullionDesk.com. Gold could remain around $900 to $965 for the time being, he added, "with scrap sale curbing rallies while invest demand provides support." See full story.