Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures dropped $11 an ounce Wednesday to close at their lowest level in a week as the U.S. dollar recovered slightly from its recent string of record lows. Gold for August delivery closed 1.6% lower at $673.80 an ounce on the New York Mercantile Exchange. It dropped to $671 during the trading session, a level not seen since July 18.

"We're down because there's a bit of a bounce in the dollar," said Gold Newsletter editor Brien Lundin. The dollar fell against the euro and yen Wednesday, a day after drops against most majors, including a new historic low against the euro. See full story.