Daily Gold Update

Source: Marketwatch

New York— Gold futures settled virtually unchanged Wednesday amid light volume. Copper, however, rose 3%, the red metal's biggest one-day increase since mid-June. Gold futures for August delivery rose a dime to $1,191.80 an ounce on the Comex division of the New York Mercantile Exchange. September copper added 10 cents to $3.09 a pound. Gold had dipped in the red earlier, and has spent most of the week trading within a close range and unable to rise above $1,200 for the past four sessions.

Futures closed 0.8% higher on Tuesday, rebounding after ending at its weakest close since May 21. Wednesday's range-bound trading was to be expected following Tuesday's reversal, said Scott Meyers, a senior trading analyst with Pioneer Futures division of MF Global. "We see a little bit of follow-through to the upside, but with very little volume," Meyers said. "It's meandering [ahead of Bernanke's testimony]; you got to wait to see how this whole thing will play out." See full story.