Daily Gold Update

Source: Marketwatch

New York— Gold futures ended Wednesday's trading unchanged as surging oil prices raised the metal's appeal as an inflation hedge but a stronger dollar reduced the metal's investment attractiveness. Oil prices rose as government data showed a decline in inventories and a pick-up in gasoline demand. The dollar rose against most of its major rivals after April U.S. trade data came largely in line with expectations.

On the Comex division of the New York Mercantile Exchange, gold for August delivery ended at $954.70 an ounce. It rose to $966.70 earlier but also fell to $947.50. Trading less actively, the June contract also closed unchanged at $954. After floor trading closed, gold fell slightly in electronic trading after the Federal Reserve's Beige Book showed five of the Fed's 12 district banks reported that the downward trend in the economy is showing signs of moderating. See full story.