Daily Gold Update

Source: Marketwatch

New York— Gold staged a muted comeback Wednesday as the previous session's three-month low enticed a few bottom fishers. Gold for August delivery added $2.40, or 0.2%, to $1,160.40 an ounce on the New York Mercantile Exchange. The contract hit an intraday high of $1,165 an ounce, according to FactSet Research. Tuesday's lows caused technical damage and it may be a while before gold adds gains in any meaningful way, said Matt Zeman, a trader with LaSalle Futures Group in Chicago.

Bargain hunters came out to snap gold at prices last seen in April, but markets were still quiet. Open interest, or the number of active contracts, for gold futures fell to around 95,000 on Wednesday from the roughly 250,000 just a week ago. Gold lost 2.1% on Tuesday to settle at $1,158 an ounce, its lowest price since April 26. Meanwhile, an unexpected decline in June durable-goods orders hit silver, the only metal to post losses on Wednesday. See full story.