Daily Gold Update

Source: Marketwatch

New York— Gold futures closed higher Wednesday as the U.S. dollar slid to a fresh 14-month low against the euro, breaching a key psychological level and increasing the lure of hard assets. Gold for December delivery added $5.9, or less than 1%, to settle at $1,064.5 an ounce. December silver rose 27 cents, or 1.5%, to $17.825 an ounce. December copper added 10 cents, or 3.5%, to end at $3.036 a pound. In electronic trading, gold futures edged off settlement levels, trading at $1,061.2 an ounce, after the Federal Reserve's Beige Book report said most regions reported little or no increase to wage or prices pressures.

During the U.S. floor session, bullion shed earlier losses as the greenback, which has been the dominant force in precious metals trading recently, deepened its slide. The U.S. dollar index lost about 0.8% and the euro rose to $1.50, a psychologically important level that Jon Nadler, a senior analyst with Kitco Bullion Dealers, said is a "pivot point that may force more language from policymakers" on the strong dollar. The level "has obviously been good for gold," he said. See full story.