Daily Gold Update

Source: Marketwatch

New York— Gold futures finished higher Thursday thanks to safe-haven buying on tensions between Russia and the West, but gains were limited by a stronger dollar and falling crude prices. Gold for December delivery closed up $3.20, or 0.4%, at $837.20 an ounce on the New York Mercantile Exchange. Earlier it rose to an intraday high of $849.70 but also hit a low of $830.50.

The European Union is considering sanctions against Russia following its recognition of independence for the Georgian territories of South Ossetia and Abkhazia, the Associated Press reported Thursday, citing French Foreign Minister Bernard Kouchner. The geopolitical tensions "are not doing much to help confidence in already nervous markets," said Mark O'Byrne, executive director of Gold & Silver Investments. Investors tend to buy gold as a safe haven. See full story.