Daily Gold Update

Source: Marketwatch

New York— Gold futures recovered part of the previous session's losses Tuesday as a weakening U.S. dollar raised the metal's investment appeal, while copper futures declined from their highest level in nearly 11 months. December gold futures gained $2.30, or 0.2%, to end at $946 an ounce on the Comex division of the New York Mercantile Exchange. The contract dropped more than 1% Monday.

The metals market also assessed President Barack Obama's announcement that he would reappoint Ben Bernanke as chairman of the Federal Reserve Board. The dollar remained lower against the euro and the Japanese yen after the announcement, supporting dollar-denominated gold prices. Gold prices "continue to take their cue from external factors, and in the absence of fresh news flow, currency movements are likely to set the tone of trading," said Suki Cooper, precious metals analyst at Barclays Capital. See full story.