Daily Gold Update

Source: Marketwatch

New York— Gold futures climbed above $1,060 an ounce Thursday, marking a record high for the third session in a row, as investment demand continued to rise and as the dollar weakened once more. Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by physical gold, rose for a fourth straight session, reaching the highest level in three months. Also fostering the gains in gold, the dollar gave ground in currency trading, under renewed pressure as the European Central Bank and the Bank of England made no changes in their respective interest-rate policies.

Gold for October delivery rose as high as $1,060.40 an ounce, the loftiest level ever for a front-month contract. It ended up $11.70, or 1.1%, at $1,055.40 on the Comex division of the New York Mercantile Exchange. Gold for December delivery, the most actively traded contract, ended up $11.90, or 1.1%, at $1,056.50 an ounce, off its intraday high of $1,062.70. Thursday's gain pushed the winning streak for the precious metal to five, Gold rallied 5.6% in the five session. "New records each day, as higher volume, higher moving averages, higher open interest and huge ETF demand from investors continue," said George Gero, a precious-metals trader for RBC Capital Markets. "ECB and BOE left rates at lows, cheap rates make it easy to hold gold for investors as they prepare for possible future inflation." See full story.