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Gold futures track higher amid new Dow record

TradingPub Admin | March 5, 2013

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Gold futures moved slightly higher on March 5, gaining even as the Dow Jones Industrial Average crept up slightly during the trading session. 

Data provided by Reuters reveals that by 12:47 p.m. EST (17:47 GMT), April gold was trading 10 cents per ounce higher at $1,572.50 on the Comex division of the New York Mercantile Exchange. 

MarketWatch reports that the price of the contract finished the day slightly higher at $1,574.90 per ounce

The Dow rose to its greater level on record, surpassing the all-time high it reached before in 2007. 

Rises in stocks frequently coincide with downward movement in gold, which is regarded by many to be a safe-haven asset, but this relationship did not hold up today, according to the news source. 

"Today with the Dow hitting all-time highs, it is risk on," David Beahm, vice president at precious-metals investment firm Blanchard & Co., wrote in emailed comments, the media outlet reports. However, "the problem the gold market is currently having is that the short-term investors looking for any type of profit are pushing the market around." 

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