Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures overcame earlier weakness to rise to their best in two weeks on a slumping euro, talk of inflation in the euro zone, and ongoing concern about violent clashes in Egypt. Gold for April delivery added $20.90, or 1.6%, to $1,353 an ounce on the Comex division of the New York Mercantile Exchange. That was gold�s best settlement since Jan. 19. The contract slipped as low as $1,325.30 an ounce and touched $1,343.60 an ounce earlier in the session. �The slump in the euro helped support gold,� said Jim Steel, a precious metals analyst at HSBC in New York.

Other metals tracked gold higher, with platinum and palladium posting fresh multiyear highs. Copper remained in the black despite early weakness. The euro fell European Central Bank President Jean-Claude Trichet said euro-zone officials are monitoring rising price pressures. Trichet�s comments battered the euro against the dollar, the Japanese yen, and the British pound as traders took his comments to mean he�s not as worried about inflation than analysts had anticipated. See full story.