Daily Gold Update

Source: MarketWatch

New York— Gold futures edged higher Wednesday, as traders looked to firm oil prices and a modest rise in the U.S. dollar for direction. Gold for August delivery gained $2.80 to $889.70 an ounce on the New York Mercantile Exchange. Gold closed up 60 cents at $886.90 an ounce on Tuesday.

"While choppy trade looks set to continue, gold has been showing some signs of fatigue and may look to test he bottom of the current $850-$920 range," wrote James Moore, an analyst at TheBullionDesk.com, in a research note. However, "given the ongoing concerns over the health of the U.S. economy and rising inflation gauges globally," dips back towards $850 can still be viewed as buying opportunities for the longer-term investor, Moore said. See full story.