Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures inched higher Monday as investors remained concerned about debt-stricken Greece, but a stronger dollar, lower prices for energy and other commodities and thin trading kept gains modest. Gold for August delivery added $2.90, or 0.2%, to $1,542 an ounce on the Comex division of the New York Mercantile Exchange. It had traded as low as $1,533.60 earlier. The metal spent most of the session flip-flopping between small gains and losses amid low volume. Silver tracked gold�s trajectory, rebounding from earlier losses. The July contract advanced 32 cents, or 0.9%, to $36.07 an ounce.

Gold is likely to remain rangebound for the next two months, said James Cordier, a portfolio manager with Optionsellers.com in Florida. The situation with Greece and discussions about the U.S. debt ceiling �are all extremely bullish for gold,� Cordier said. �At the same time, it is completely losing its hedge against inflation� as oil and other commodities have fallen in recent days, he added. A firmer dollar weighed on prices Monday, but gold ticked higher after the U.S. unit moderated its gains versus the euro and other major currencies, ahead of a Greek vote Tuesday that could pave the way for the nation to get another round of bailout funds. See full story.