Daily Gold Update

Source: Marketwatch

New York— Gold futures ended higher on Tuesday, finding firmer ground in some safe-haven buying after seesawing earlier in the session. Gold for August delivery, the most active contract, rose $9.90, or 0.8%, to $1,234.40 an ounce on the Comex division of the New York Mercantile Exchange. Other metals also closed higher, with palladium leading the pack. "For the past week or so, the market has been trading in a narrow range of around $1,220, on one hand supported by lingering worries over sovereign debt issues and on the other lacking fresh momentum to break significantly on the upside," analysts at Barclays Capital said in a note to clients Tuesday.

A weaker dollar also provided some support for gold, said Frank Lesh, a broker and futures analyst with FuturePath Trading in Chicago. "Nobody knows if euro-land problems are over with," Lesh said. "At the moment, we are giving the markets the benefit of the doubt … but people still want gold, you still see a lot of fears and problems out there." See full story.