Daily Gold Update

Source:Marketwatch

San Francisco— Gold futures sold off on Thursday, losing more than $23 to end at their lowest level in two weeks, as a sell-off in oil prices and a stronger dollar dulled investment appeal for the precious metal, setting prices up for a third-straight day of declines. Gold for August delivery dropped $23.30 to finish at $881.70 an ounce, its weakest close since May 14, on the New York Mercantile Exchange. Gold, often used as a hedge against inflation, has been tracking gains in oil recently.

Crude oil for July delivery fell sharply, and was last off $4.56, or 3.47%, to $126.56 a barrel, as traders reconsidered recent supply concerns. A stronger dollar also pressured gold. A firmer U.S. unit makes dollar-denominated commodities, such as crude and oil, more expensive for holders of other currencies. The dollar advanced on the back of an upward revision to first-quarter growth in the U.S., while the market showed little reaction to an increase in jobless claims in the latest week. See full story.