Gold News & Info

Source: MarketWatch

New York— Gold futures rose above $920 an ounce Thursday, moving higher for a second straight session as investors shrugged off gloomy sentiment that had dampened buying interest. The two-day rally came after the metal fell below $900 an ounce on Tuesday for the first time in two months. "Gold has flushed out some of the weak speculators that needed to be cleaned out," said Zachary Oxman, senior trader at Wisdom Financial.

Gold for April delivery, the most active contract, rose $13.30, or 1.5%, to end at $924 an ounce on the Comex division of the New York Mercantile Exchange. It had ended at $895.90 on Monday, the lowest close since Feb. 9. Helping boost sentiment, U.S. stocks and crude-oil futures also moved higher. In addition, holdings in the largest gold exchange-traded fund rose to a record level near 1,040 tons. "I think we are now due for our next leg up over $1,000," Oxman said. See full story.