Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed higher Tuesday, as lingering concerns about Greece�s sovereign-debt crisis and its potential impact on the global economy helped lift prices for the precious metal for a sixth session in a row. Gold for August delivery added $4.40, or 0.3%, to close at $1,546.40 an ounce on the Comex division of the New York Mercantile Exchange. The contract has now tallied a gain of $30.80 in the past six sessions. The gold market may see a �pause in the rally if there�s a resolution to the Greek crisis because the fear of an implosion will be put off into the future,� said Frank Lesh, broker and futures analyst with Future Path Trading in Chicago.

But gold prices will head higher again. �We will just have to wait for more troubles to support the gold prices,� he said. Right now, the weaker dollar and strong euro are among the reasons gold is higher, said Lesh. �There is still a lot of uncertainty in major world economies � the U.S., Europe and even China. There�s a million reasons to be long in gold.� See full story.