Daily Gold Update

Source: Marketwatch

New York— Gold futures closed lower Tuesday, pressured by a firmer dollar. Gold for June delivery lost $5.80, or 0.5%, to settle at $1,105.70 an ounce on the Comex division of the New York Mercantile Exchange — roughly in line with its Friday's closing levels. Copper bucked the metals downdrafts to touch a 19-month high Tuesday. The red metal for May delivery added 3 cents, or 0.8%, to settle at $3.56 a pound after touching an intraday high of $3.57 a pound. Copper was last at these prices in August 2008. Some buying from Asia propped up prices this week, analysts said

Gold commanded some buying interest, but not enough to sustain higher prices in the face of a rising dollar and a market quieted by the approaching Easter holidays. Moreover, physical demand for gold came in mostly from Asia. After these markets closed interest dropped and gold remained within a tight range. "We don't think there's much momentum right now for gold going higher," said Walter de Wet, an analyst with Standard Chartered bank in London. "The dollar strength is dampening investor demand" and investors are booking profits as soon as prices approach the $1,011-$1,015 level, helping to keep gold rangebound, he added. See full story.