Daily Gold Update

Source: Marketwatch

New York— Gold and other metals surged Thursday after a slew of stronger global manufacturing data and a drop in jobless claims in the U.S. pointed to higher commodities demand worldwide. Platinum and palladium climbed to highs not seen since 2008. A weaker dollar was giving metals a further boost. Gold for June delivery, the most active contract, rose $11.60, or 1%, to settle at $1,126.10 an ounce on the Comex division of the New York Mercantile Exchange. Gold advanced 1.7% in the first quarter of the year, their sixth-quarterly rise. Silver for May delivery added 36 cents, or 2.1%, to end at $17.89 an ounce.

Palladium settled at its highest since March 2008. Most-active June contract rose $11.40, or 2.4%, to $491.35 an ounce. Platinum for July delivery settled $28.70, or 1.7%, higher to $1,675.60 an ounce. Prices were last seen that high in July 2008. Platinum gained more than 11% for the first quarter, which concluded Wednesday. Both metals are heavily used in manufacturing, and their outperformance compared to gold is tied to hopes the pace of recovery is picking up. In addition to their industrial appeal, jewelry demand in China and investment demand also boosted platinum and palladium prices, Commerzbank said in a report. See full story.