Daily Gold Update

Source: Marketwatch

New York— Gold futures rallied nearly 3% in a broad-based advance for commodities Tuesday, as platinum surged more than 4% and hit another record high of $2,174 an ounce on persistent worries about supplies from the world's biggest producer South Africa. Gold for April delivery soared $23.70, or nearly 3%, to end at $929.80 an ounce on the New York Mercantile Exchange. Other metals prices also made big gains.

"Gold is seeing a surge of interest as key technical and fundamental levels have been breached and a new wave of buying interest is pouring in," said Kevin Kerr, president of Kerrtrade.com and editor of Dow Jones MarketWatch's Global Resources Trader. "This [is] after all the bearish talk of IMF liquidating gold holdings failed to push the metals significantly lower," Kerr said. Reports that the Group of Seven industrial nations approved the sale of gold by the International Monetary Fund put some pressure on prices last week. "A weaker dollar and fear of more interest-rate cuts yet to come are also boosting gold's allure," Kerr said. See full story.