Daily Gold Update

Source: Marketwatch

New York— Gold fell Thursday as safety-play buying slackened and a drop for stocks did little to entice buyers to the bullion market. Gold for August delivery, the most active contract, lost $12.60, or 1%, to $1,210 an ounce on the Comex division of the New York Mercantile Exchange.

Trouble started when gold tried, but failed, to break through the $1,230 mark in recent sessions, said Scott Meyers, a manager with MF Global's Pioneer Futures division in New York. That led to concerns about prices and gold's run, and more technical selling followed, he said. "Gold is on the defense today," Meyers said. A downturn for stocks on Thursday, while significant, was not so great as to spur renewed flight-to-quality buying in gold. Investors also took profits after catching gold's rebound last week, said Matt Zeman, a trader at LaSalle Futures Group in Chicago. See full story.