Daily Gold Update

Source: MarketWatch

San Francisco— Gold futures lost more than $1 an ounce Wednesday, to mark a second day of declines with traders eyeing weaker crude prices and modest strength in the U.S. dollar to gauge investor demand for the precious metal. It's been "a range day again," said James Moore, an analyst at TheBullionDesk.com. "The stronger dollar sentiment and the talk from the Fed has led to profit taking." Overall, "the market trend is remaining sideways and we'll likely stay in range during the summer months," he said, noting that the physical market slackens during the summer months.

Gold for August delivery closed down $1.70 at $883.80 an ounce on the New York Mercantile Exchange. Nymex prices lost $11.50 on Tuesday. It traded as low as $879.20 an ounce during Wednesday's electronic trading on Globex. "The next three sessions could still see stabs toward higher prices if the slew of U.S. economic statistics in the pipeline contains any potentially dollar-damaging surprises," said Jon Nadler, a senior analyst at Kitco Bullion Dealers. See full story.