Daily Gold Update

Source: Marketwatch.com

San Francisco— Gold futures fell Thursday to tally a two-session loss of more than $3 an ounce, but the metal held its ground near $720, underpinned by a weak dollar, strong oil prices and safe-haven demand. Gold for December delivery closed $2.80 lower at $717.90 an ounce on the New York Mercantile Exchange, recouping some of its losses after dropping to a low of $712.

"Gold is sitting above $700 and getting comfortable there," said Julian Phillips, an analyst at GoldForecaster.com. "Investors were collectively of the opinion that it was time to go there, but going up further requires a measure of pause." But "once the consensus believes it will hold these levels, then it could well trot forward at a faster pace with longer strides," he said in emailed comments. "After all, this market is reflecting a certain coming down to earth from the attitudes that believed all good things about the financial system." See full story.