Gold News & Info

Source: Marketwatch

New York— Gold futures ended higher on Wednesday, as dollar weakness underpinned investment demand for the precious metal, while copper futures tumbled over 4%. Gold for December delivery rose $7.20 to end at $798.60 an ounce on the New York Mercantile Exchange. Earlier Wednesday, gold futures hit an intraday high of $805 an ounce.

"I believe you're seeing a carry-over from last night's further rally of gold in the overnight session and continued dollar weakness," said Zachary Oxman, a senior trader at Wisdom Financial. On the currency markets, the dollar plummeted against the yen Wednesday, as pricey crude oil and slumping stocks fueled risk aversion and prompted investors to unwind yen carry trades. In carry trades, investors borrow lower-yielding currencies such as the yen and invest them in higher-yielding assets. See full story.