Daily Gold Update

Source: Marketwatch

New York— Gold and other metals joined a broad sell-off in commodities and stocks on Thursday, as investors fled to the safety of the U.S. dollar over mounting concerns about the debt of several European countries. Adding to the pressure on commodities during U.S. trading hours, the Labor Department reported an unexpected rise in weekly jobless claims, rekindling concerns about growth ahead of the key monthly employment report on Friday. Gold for April delivery slumped $49, or 4.4%, to end at $1,063 an ounce at the New York Mercantile Exchange.

"The real story today is the renewed fears of sovereign debt problems in Greece, in particular, that is driving the U.S. dollar with hot money that is flowing away from risk assets," said Patricia Mohr, commodity market specialist at Scotiabank Group in Toronto. "Investors are going out of gold, which is always an interesting development. It does seem to happen when risk appetite is reduced," she said. See full story.