Daily Gold Update

Source: Marketwatch

New York— Gold futures settled modestly higher Tuesday, a midsession comeback that stuck as stocks and other commodities fell sharply. August delivery of the yellow metal added $3.80, or 0.3%, to $1,242.40 an ounce on the Comex division of the New York Mercantile Exchange. Copper futures slid 5.1% as an economic indicator for China was revised down. Gold turned higher after U.S. consumer sentiment took a hit in June, with the Conference Board consumer-sentiment index falling to 52.9 in June, its lowest level since March.

As stocks turned gloomier, gold got shinier. Gold is "hanging in there better than other commodities, as you have this flight-to-quality buying," said Adam Klopfenstein, a senior strategist with Lind-Waldock in Chicago. The dollar index, which compares the U.S. unit to a basket of six currencies, rose 0.5% to 86.08 Tuesday, moderating gains a tad. U.S. markets were rattled Tuesday by fears of a slowdown in China, and investors also sought the safety of Treasurys. Yields on the 2-year note touched the lowest level on record, as prices for U.S. debt are bid higher amid some panic. See full story.