Daily Gold Update

Source: Marketwatch

New York— Gold futures edged higher Wednesday, recovering from a sharp decline in the previous session, as the dollar traded mixed after the Federal Reserve said it will take coordinated steps with four other central banks to ease credit conditions. Gold for February delivery rose $2.90 to $820 an ounce on the New York Mercantile Exchange. Earlier, gold hit an intraday low of $814.70.

"The dollar, and fiat paper currencies in general, are likely to come under further pressure versus gold in this evolving financial and monetary crisis," said Mark O'Byrne, director at Gold and Silver Investments Ltd., in a research note. "I think that the move up today in gold shows that gold below $800 quickly becomes a buying opportunity for traders," said Emanuel Balarie, CEO of Jabez Capital Management, in emailed comments. See full story.