Daily Gold Update

Source: Marketwatch

New York— Gold futures finished below $1,000 an ounce on Thursday, tracking a broad retreat in stocks and strengthening of the U.S. dollar after the National Association of Realtors said existing-home sales fell in August for the first time in five months. Gold for December delivery, the most active contract, fell $15.50, or 1.5%, to finish at $998.90 an ounce on the New York Mercantile Exchange. Gold earlier rose to an intraday high of $1,021 an ounce and fell as low as $991.30. A slide in crude-oil futures also pressured gold, reducing its appeal as an inflation hedge. Crude oil for November delivery tumbled 4% on concerns over rising inventories.

Aside from Thursday's weakness, analysts at Commerzbank say the price of gold remains supported by the wedding season, which just started in India. This "usually goes hand in hand with stronger physical demand for gold [and] should initially prevent a slump in the price of gold," they said. See full story.