Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures settled lower on Thursday, but came off session lows after reports that Egypt�s embattled president may step down took some of the sting out of a stronger dollar. Gold for April delivery declined $3, or 0.2%, to $1,362.50 an ounce on the Comex division of the New York Mercantile Exchange. It earlier had traded as low as $1,351.40 an ounce. The metal inched into the black after several media outlets reported on Egyptian President Hosni Mubarak�s impending resignation.

Gold and other commodities �really pulled off of it,� said Charles Nedoss, a senior market strategist with Olympus Futures in Chicago. Others cautioned that, while markets were indeed rattled, volumes are low and thus prone to swings. The tone for gold is �bullish, but it�s just cautious … and volume is not really there today,� said Scott Meyers, a senior trading analyst with Pioneer Futures, a division of MF Global. See full story.