Daily Gold Update

Source: Marketwatch

New York— Gold ended lower on Thursday on the back of a stronger dollar and sidelined physical buyers, but investment demand was strong enough to trim some of the losses towards the end of the session. Gold for June delivery lost $5.90, or 0.5%, to settle at $1,142.90 an ounce on the Comex division of the New York Mercantile Exchange The dollar was stronger as ongoing worries over debt-ridden Greece pressured the euro. U.S. stocks and other commodities such as oil were also on the red, although they also moderated their losses as the day progressed. Gold's relative resilience against a stronger dollar "is a very bullish signal," said Matt Zeman, a trader at LaSalle Futures Group in Chicago. "Every selloff is met with aggressive buying."

Meanwhile, platinum staged a comeback Thursday and hit a fresh multimonth high, its highest finish since July 29, 2008. Platinum for July delivery added $3.90, or 0.2%, to $1,744.20 an ounce. London-based consulting firm GFMS said Thursday it expects a "modest" 5% rise in global demand for platinum this year. See full story.