Gold News & Info

Source: MarketWatch

New York— Gold futures rose for a second consecutive session Thursday, as the Bank of England's rate cut heightened the metal's appeal as a hedge against inflation. Gold's attractiveness as a safe haven and an inflation hedge has pushed its prices 4% higher this year, compared to an 8% decline in the S&P 500 equity index and a 5% loss in the Reuters/Jefferies CRB commodities index. Holdings in the largest exchange-traded fund backed by gold hit a new record Wednesday.

In Thursday trading, gold for February delivery rose $21.30, or 2.4%, to $922.90 an ounce on the Comex division of the New York Mercantile Exchange. The February contract expires Feb. 20, with open interest, or the total amount of outstanding contracts, remaining at 361,900 ounces as of Wednesday. In more active trading, the March gold contract rose 2.6% to $925.40 an ounce. Gold inventories held by Comex for future delivery stood at 2,803,376 ounces as of Wednesday, according to the latest data from the exchange. See full story.