Daily Gold Update

Source: Marketwatch

New York— Gold futures finished marginally lower Thursday, as the U.S. dollar continued to gain against most other major currencies, putting pressure on demand for the precious metal. Gold for August delivery ended down 50 cents at $922.30 an ounce on the New York Mercantile Exchange. The contract has tumbled more than $40 since Tuesday.

Ongoing dollar strength is putting some pressure on dollar-denominated gold. The dollar extended gains on the euro after worrying euro-zone data, but slipped against the yen as U.S. stocks sagged. "While gold has suffered strong selling in recent sessions, it is only working off an overbought position, and a correction and consolidation is healthy and normal," Mark O'Byrne, executive director at Gold and Silver Investments Ltd., wrote in a research note. "This looks likely to be the last such sell-off prior to a strong rally into the autumn, as is typical," he said. See full story.