Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures notched a nominal record high Thursday, as a weaker U.S. dollar, ongoing instability in Arab countries and euro-zone debt concerns lured investors to the precious metal. Gold for May delivery rose $15, or 1.1%, to settle at $1,439.90 an ounce on the Comex division of the New York Mercantile Exchange. That handily supplanted gold�s March 23 close of $1,438 an ounce. Gold tapped an intraday record high of $1,448.60 an ounce on March 24.

Bullion has gained 1.3% since Dec. 31. It has risen 2.1% from Feb. 28, as the month brought more turmoil in the Middle East and North Africa, renewed fears of inflation and no end in sight for Europe�s debt woes. �Geopolitical concerns are taking the lead over expectations of [monetary-policy] tightening,� said Jim Steel, a precious-metals analyst with HSBC in New York. A rally for oil and concerns about Portugal�s sovereign debt also propelled the metal higher, he added. See full story.