Daily Gold Update

Source: Marketwatch

New York— Gold futures traded at their highest level in nearly 28 years on Monday, as renewed turmoil in the credit markets boosted the metal's safe-haven appeal after Citigroup said it will have to write off up to $11 billion more in losses. Gold for December delivery rose $2.30 to end at $810.80 an ounce on the New York Mercantile Exchange. Earlier in the session, gold hit an intraday high of $813.80 an ounce, a level not seen since 1980. The record high for Nymex gold was $875 set on Jan. 21, 1980, and the record settle was $825.50 set on the same date.

"I still think gold is moving nowhere but up," said Zachary Oxman, a senior trader at Wisdom Financial. "Today's rally seems to be further long-side accumulation off of a continued weakening dollar…. I think that long term the market is predicting further drops by the dollar and is looking to play the big moves through long side gold," Oxman said in emailed comments. See full story.