16
February
Gold futures rally over $20 an ounce
16 February 2010 MarketWatch
FRANKFURT (MarketWatch) -- Gold futures rose 2% on Tuesday, joining a broad-based rally in commodities, as dollar weakness heightened the appeal of the precious metal.
Gold for April delivery rose $22.60, or 2%, to $1,112.60 an ounce in electronic trading on Globex.
The April contract is the most actively traded. It earlier climbed to an intraday high of $1,117.50 an ounce.
Gold gained "on the back of the stronger euro," said James Moore, an analyst at TheBullionDesk.com, in a note to clients.
"The metal is vulnerable to a euro-related pullback and now needs to clear resistance around $1,125 to cement more bullish sentiment," Moore said.
The euro rose 0.3% to $1.3643 in recent trading, as euro-zone finance ministers are scheduled to meet in Brussels to discuss Greece's public finances, among other issues.
Worries over Greece's high public debt have recently pressured the euro and boosted the dollar. Gold futures tend to fall when the dollar rises.
