Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed at their highest level in two weeks Wednesday, with global-debt troubles helping it tally a two-session win of nearly $47 an ounce. Gold for August delivery closed up $16.50, or 1.1%, at $1,529.20 an ounce on the Comex division of the New York Mercantile Exchange. The contract, which earlier touched a high of $1,534.50, marked its highest close since June 22. Prices jumped more than $30 an ounce in regular trading on Tuesday, buoyed by safe-haven buying as Europe�s debt issues reemerged as a concern for investors.

�The persistent debt problems in both Europe and the U.S. are a big part of gold�s gains this week,� said Peter Grant, senior metals analyst at USAGold-Centennial Precious Metals Inc. �It�s quickly becoming a question of credibility,� he said. �As the troika flails about trying to mitigate the Greek crisis without creating a default, they erode market confidence. That waning confidence in the troika has resulted in contagion to Portugal in the wake of yesterday�s downgrade.� See full story.