Daily Gold Update

Source: Marketwatch

New York— Gold finished slightly higher after a volatile session, as the dollar hovered near 14-month lows and crude oil futures touched a new high for the year above $80 a barrel. Gold for December delivery rose 50 cents, or 0.05%, to end at $1,058.10 an ounce on the Comex division of the New York Mercantile Exchange. It earlier rose to a high of $1,066.20 an ounce. The thinly traded October contract also gained 0.05% to finish at $1,057.80. The precious metal still finished well off morning highs as weak U.S. housing data and mixed earnings eventually led investors to sell stocks and oil and to buy dollars, reducing gold's appeal as a hedge against a weaker currency and rising prices.

Gold prices have been on the rise in eight out of the past nine weeks. Last week, the benchmark contract gained 0.3% and briefly topped $1,070 an ounce, a new intraday high. Analysts at GoldCore believe that any dip in gold prices will be short-lived. "Buying of physical remains robust on all price dips and this bodes well for further record highs in the short term," said Daniel Stokes, analyst at GoldCore, in a note. See full story.