Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures climbed for a third session Tuesday to mark their highest closing level in three weeks as the dollar lost ground against other major currencies and as oil prices rallied to a 10-month high, raising gold's appeal as a safe-haven investment.

"It looks quite likely that the next major leg lower in the U.S. dollar is approaching in the coming months, and that will be the trigger for the next leg higher in gold, silver prices," said Peter Spina, an analyst at GoldSeek.com. The U.S. Dollar Index is approaching the "mother of all supports," and should the "breakdown below the 80 support area occur now, then there is no question we will zoom past $700 gold," he said in e-mailed comments. See full story.