Daily Gold Update

Source: Marketwatch

New York— Gold futures pushed past the $1,200-an-ounce level Tuesday, scoring their highest close in nearly two weeks, after buyers of the physical metal were back to the market and Portugal's downgrade rekindled fears of a European debt crisis. Gold for August delivery rose $14.80, or 1.2%, to $1,213.50 an ounce. Other metals followed gold higher, with silver finishing 34 cents, or 1.9%, ahead at $18.26 an ounce. Copper eked out gains, advancing 0.3%, or 1 cent, to $3.02 a pound. Gold finished at its highest since June 30. The contract slid nearly 1% on Monday. For silver, Tuesday's finish was also the highest in nearly two weeks.

"Investors are still keen to add gold to their portfolios," with several investors that had sold off recently playing catchup on Tuesday, said James Moore, an analyst with Thebulliondesk.com in the U.K. Gold's run didn't come at the expense of riskier assets such as stocks, said Richard Ross, a technical analyst with Auerbach & Grayson in New York. A close above $1,200 Tuesday sets "the stage for gold at $1,250 and beyond." Tuesday's run means "the beginning of the next leg up," said Matt Zeman, a trader at LaSalle Futures Group in Chicago. "The next couple of sessions will be critical" to see whether gold can keep above the $1,200 mark, he said. See full story.