Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures rose again Tuesday and have climbed more than 2% this month as a rally in oil prices and jittery equity markets fueled demand for the precious metal. Gold for August delivery closed up $2.80 at $666.90 an ounce on the New York Mercantile Exchange Tuesday. On Monday, it added $4 and ended a three-session losing streak that subtracted nearly $25 from the contract.

U.S. stocks retreated from earlier highs to finish lower Tuesday, as concerns about credit markets and bad-home loans resurfaced with news that American Home Mortgage Investment Corp. might liquidate its assets after failing to meet margin calls. "Dollar weakening and continued high oil prices should provide upside potential for gold, but the market remains nervous, with traders remaining focused on the stock markets," said analysts at Action Economics. See full story.