Daily Gold Update

Source: Marketwatch

New York— Gold futures closed with gains on Tuesday, as renewed weakness in the dollar boosted demand for the precious metal. Gold for December delivery gained $3.10 to close at $763.10 an ounce on the New York Mercantile Exchange. On Monday, gold closed down $8.40 at $760 an ounce.

"Gold may continue to consolidate prior to continuing on its onward march to next resistance at the psychological level of $800 by year end," said Mark O'Byrne of Gold and Silver Investments Ltd., in a research note. "Oil prices are not expected to decline significantly and indeed the Turkish-Iraqi tensions look set to escalate," he said. "Also, Indian holiday season festival demand for physical gold is at its strongest in the coming two to three weeks, and good physical demand was seen in India in the low $750's." See full story.