Daily Gold Update

Source: Marketwatch

New York— Gold futures rose for a second session Wednesday as the U.S. dollar fell, boosting dollar-denominated gold prices. Higher crude prices also increased gold's appeal as an investment haven against inflation. Gold for December delivery rose $5.9, or 0.7%, to close at $834 an ounce on the New York Mercantile Exchange. It earlier rose as much as $841.4 in electronic trading, the highest since Aug. 21.

"Gold is showing strength again with the dollar giving up yesterday's gains and oil firming again on hurricane fears," said Mark O'Byrne, executive director at Gold and Silver Investment. The dollar was trading lower against euro. A further spike in oil prices amid worries over the potential impact of Tropical Storm Gustav on the Gulf of Mexico triggered profit-taking on the U.S. dollar Wednesday, analysts said. See full story.