Daily Gold Update

Source: MarketWatch

New York— Gold futures ended lower Thursday, as gains in the U.S. dollar weighed on the precious metal. Gold for June delivery fell $5.70 to end at $931.80 an ounce on the New York Mercantile Exchange. Despite today's weakness in gold prices, the market remains "strongly biased to the upside at this point," said Zachary Oxman, senior trader at Wisdom Financial. "I'd treat this dip as another proxy to buy as the market breaks up to $960," Oxman said.

On Wednesday, gold futures soared $19.50 to finish at $937.50 an ounce, carried along as crude oil surged to a new record. "With oil reaching new record highs, there is likely to be inflation-hedging gold buying," said Mark O'Byrne, executive director at Gold & Silver Investments Ltd. As a result, the gold contract may be in a position to challenge resistance at $950 an ounce in the coming days, he said. See full story.