Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures edged lower by the close of Nymex trading Thursday as investors awaited signals from the Fed on rates and inflation, while most mining stocks gave up their earlier gains. Gold for December delivery fell $1.50, or 0.2%, to $673.90 an ounce on the New York Mercantile Exchange.

Investors avoided taking big positions ahead of a much-anticipated speech by Federal Reserve Chairman Ben Bernanke Friday. Buyers of bullion, which can act as a hedge against inflation, are waiting for more signals from the Fed on how its monetary policy committee will act at its Sept. 18 meeting. Traders are anticipating a cut to the federal funds rate. See full story.