Gold Rises Above $900 An Ounce Again

Gold rallied above $900 an ounce on Wednesday as investors bet a recent plunge was overdone. A weaker dollar helped boost the metal's hedge appeal.

April gold jumped to $910.70 an ounce, up $14.80 on the session. The metal reached as high as $913.80 for the session.

The dollar fell sharply versus the yen and came under modest pressure against the euro on Wednesday, improving gold's hedge value. The dollar tested its 2-week low from yesterday against the euro and backed away from a four-month best versus the yen.

Gold's gains were somewhat limited by a drop in crude oil prices. Light sweet crude fell $3.38 to finish at $42.33 per barrel. U.S. commercial crude oil inventories increased 749,000 barrels in the week ended March 6, according to Energy Information Administration data.