Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures turned higher Wednesday, playing off fresh weakness in the U.S. dollar and higher oil prices as the precious metal extended its strength from the previous session. Gold for August delivery tacked on $2.20 to trade at $946.70 an ounce on the New York Mercantile Exchange. On Tuesday, the benchmark gold contract rose $16.20 an ounce.

Gold traders also kept an eye on the dollar. The dollar index, which measures the greenback against a basket of six major currencies, was last at 72.096 compared with 72.374 late Tuesday. The dollar slipped after a survey based on a sampling of ADP payrolls data showed private-sector firms in the United States shed a projected 79,000 jobs in June, in what would be the biggest monthly loss since November 2002. "With safe-haven buying as well as inflation hedging likely to draw further demand toward the gold market, the metal looks set to make further upside progress," wrote James Moore, an analyst at TheBullionDesk.com, in a research note. See full story.