Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures quit a four-session losing streak Wednesday as demand for the precious metal as a hedge against euro-zone debt worries and fighting in Libya brought buyers in at recently lowered prices. Gold for June delivery ended up $7.40, or 0.5%, at $1424.90 an ounce on the Comex division of the New York Mercantile Exchange. The precious metal touched a high of $1,431.70 an ounce early in the day, then dove to a slight loss and an intraday low of $1,413.10 an ounce before rebounding. Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago, said many of the common themes pushing up gold still apply, such as uncertainty about the Middle East and the impact of crippled nuclear plants in Japan.

�Today�s move lower was rejected: There are more reasons to be a buyer than a seller,� Klopfenstein said. �Fresh money likes to come in on any signs of weakness.� On Tuesday, gold futures logged a fourth-straight losing session to finish at their lowest price in almost two weeks. �Gold prices rose as euro-zone debt concerns and continued fighting in Libya supported the safe-haven allure of the bullion,� economists at ICICI Bank said in a daily market report. See full story.