Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures ended a four-session losing streak as Europe re-emerged as a concern for investors and the dollar weakened. Gold for February delivery added $5.20, or 0.4%, to $1,374.10 an ounce on the Comex division of the New York Mercantile Exchange. Gold had wavered between small gains and losses most of the morning. It had earlier traded as high as $1,376.40 an ounce, and as low as $1,365 an ounce. Gold futures aim at consolidating around $1,360 an ounce after a runup in the last two weeks of December and the past week�s correction, said Carlos Sanchez, a director with CPM Group in New York.

Gold could get a more decisive push upward if the news out of Europe concerning sovereign debt worsens or economic conditions in the U.S. don�t improve, he said. �Financial, economic and political concerns continue to be supportive of gold,� Sanchez said. CPM has gold averaging $1,398 in the first half of the year, and the metal is likely to post fresh record highs before moderating in the second half, he added. See full story.