Daily Gold Update

Source: Marketwatch

New York— Gold futures closed slightly lower Thursday, coming under pressure as the dollar rebounded against some of its rivals and crude-oil futures declined. Gold for December delivery finished down $1.60 at $793.70 an ounce on the New York Mercantile Exchange. "The metal has slipped on modest selling pressure and is likely to find further resistance ahead of the psychological $800 mark, particularly given the scale of option exposure at this level," said James Moore, an analyst at TheBullionDesk.com, in a research note.

For gold, "the underlying trend remains bullish as oil prices remain high and fuel inflation concerns, while remaining worries about the U.S. economy should support safe-haven investment," Action Economics analysts said. See full story.