Daily Gold Update

Source: MarketWatch

New York— Gold futures closed modestly lower Wednesday with pressure from a stronger U.S. dollar offsetting support from gains in oil prices, which had helped renew concerns about inflation.Gold for August delivery declined by 40 cents to close at $652.70 an ounce on the New York Mercantile Exchange, recovering a bit from the $649.30 low it had seen earlier in the session.

"A tug of war exists between the spate of positive news we see, like retail sales and then the rally in energies," said Kevin Kerr, editor of Global Resources Trader, a newsletter of MarketWatch. "There is so much conflicting data that traders are just uncertain of how much to put into the yellow metal or will they need the cash liquidity to cover stock market margin calls," he said in e-mailed comments. See full story.