Daily Gold Update

Source: Marketwatch

New York— Gold futures climbed Tuesday to close at their highest level since mid-April, as weakness in the dollar and rising crude-oil prices burnished the precious metal's investment appeal. Carrying forward with its recent rally, gold for August delivery rose $16.20 to finish the session at $944.50 an ounce on the New York Mercantile Exchange. It climbed as high as $948.50 earlier in the session. Gold's gains can be "attributed to both further weakness in the dollar and more near-record highs in oil," said David Beahm, a vice president at coin and precious metals retailer Blanchard and Co. Inc.

Mounting risk aversion and sliding equities in Europe and overnight in Asia left the dollar in a defensive posture in foreign-exchange trading. The Dow Jones Industrial Average lost more than 14% in the first half of this year. Gold has seen "increased support as a safe haven investment during these uncertain economic times," Beahm said in emailed comments. "Coming off their worst June since the 1930s, the financial markets are just too volatile right now for many investors to feel confident." See full story.