Daily Gold Update

Source: Marketwatch

New York— Gold futures rose Tuesday for the first session in five, as the U.S. dollar slid at the outset of the Federal Reserve's monetary-policy meeting, increasing the metal's appeal as a hedge against a weaker currency. Limiting gold's gain, crude-oil prices fell below $70 a barrel, damping the metal's attractiveness as a hedge against potential inflation. Meanwhile, holdings in the biggest gold exchange-traded fund continued to slide, to a three-month low.

December gold futures, the most active contract, rose $1.20, or 0.1%, to $948.10 an ounce on the Comex division of the New York Mercantile Exchange. The front-month August contract, which registered very small volume, remained slightly lower at $944 an ounce. Gold had fallen more than $20 in the previous four sessions, the longest losing streak since early March. The loss came after the front-month contract hit a two-month high near $970 an ounce last Wednesday. See full story.