Gold News & Info

Source: MarketWatch

New York— Gold futures rose Thursday for a third straight session, ending at the highest level in seven months near $950 an ounce, as investors who remain skeptical toward U.S. economic-rescue plans continued to buy the metal for its safe-haven appeal. Stocks and crude-oil futures, meanwhile, lost ground despite better-than-expected U.S. retail sales data for January, suggesting investors' lack of confidence in the economy.

Many analysts project further gains for gold amid the economic troubles. Holdings in the largest gold exchange-traded fund hit a new record above 900 tons Wednesday, according to latest data. Gold for February delivery ended up $4.70, or 0.5%, at $948.50 an ounce on the Comex division of the New York Mercantile Exchange, the highest closing level for a front-month contract since July. It surged to $952.80 earlier in the session. The February contract has rallied $56.10, or 6.2%, over the three sessions since Monday. Trading more actively, the April contract rose modestly to close at $949.20 an ounce. See full story.