Daily Gold Update

Source:Marketwatch

New York— Gold futures ended Wednesday's trading unchanged, as a stronger dollar and upbeat home sales data reduced the metal's investment appeal but rising crude prices raised gold's attractiveness as a hedge against inflation. On the Comex division of the New York Mercantile Exchange, gold for June delivery ended at $953.30. Trading remained volatile Wednesday, with the contract rising to $959.60 earlier but also falling as low as $946.20.

The dollar extended its gains into a second day, after reports that a European Central Bank policy maker has indicated that the door remained open to a further cut in euro-zone interest rates. A U.S. economic report showed sales of pre-owned homes rose 2.9% in April. In crude trading, prices topped $63 a barrel for the first time in more than six months on hopes for an economic recovery. See full story: Marketwatch