Daily Gold Update

Source: Marketwatch

New York— Gold futures edged lower Thursday, after rallying in the previous session, as strength in the U.S. dollar weighed on the precious metal. Gold for June delivery fell $3.10 to $945.20 an ounce on the New York Mercantile Exchange.

"For the moment, $940 in gold appears supportive and the market could still aim for $960 before significant profit-taking emerges," said Jon Nadler, senior analyst at Kitco Bullion Dealers. "The dollar's gyrations and crude oil's every price tick will continue to provide the overall direction for gold," Nadler said. "Individual investors appear slightly skittish about jumping into fresh long positions at the moment and may hold back until a clearer uptrend is confirmed." On the currency markets, the dollar traded higher against most of its major counterparts, though it pared some gains after factories in the Philadelphia region reported weaker conditions in early April, with the Philly Fed index remaining negative for the fifth straight month. The index fell to negative 24.9 in April from negative 17.4 in March. But the outlook for the next six months turned favorable. See full story.