Daily Gold Update

Source: Marketwatch

New York— Gold prices settled modestly lower Monday, unable to drum up much interest, as a jump in sales of new homes took off some of gold's shine as a safety buy and sent copper soaring to a two-month high. Gold futures for August delivery fell $4.70, or 0.4%, to $1,183.10 an ounce on the Comex division of the New York Mercantile Exchange.

September copper added 4 cents, or 1.2%, to $3.22 a pound, the red metal's highest close since mid-May. Copper is heavily used in construction wiring and benefitted from the new-home-sales news. For gold, however, there was no such boost. "There's a feeling that for now things are pretty stable," said Stephen Platt, a commodity analyst with Archer Financial Services in Chicago. "Gold's lacking a real solid buying interest." See full story.