Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures edged higher Thursday, finding more support in Greek discord while a rising U.S. dollar limited gains. Gold for August delivery added $3.70, or 0.2%, to trade at $1,529.90 an ounce on the Comex division of the New York Mercantile Exchange. It had hit a high of $1,534 an ounce on the day, building on small gains made in the previous session. �The market seems divided,� said Jim Steel, a precious metals analyst with HSBC in New York. Concerns about Greece�s ongoing sovereign-debt troubles and a weaker euro have vied for attention. European stock markets tumbled, and the dollar rose against the euro, capping some of gold�s rise.

Gold�s gains to nominal record highs in the past year have come as investors sought hard assets as a hedge against what many see as a long-term decline in currencies, particularly the U.S. dollar, the world�s reserve currency. �The debt crisis in Greece has widened into a political crisis and Greek insolvency is becoming increasingly likely,� wrote analysts at Commerzbank. �The current very high level of uncertainty is still causing risk aversion of market players to rise and gold is profiting accordingly,� they added. See full story.