Daily Gold Update

Source: Marketwatch

New York— Gold futures rose Tuesday for a sixth straight time, benefiting from safe-haven buying as worries over Chinese growth and euro-zone stability lingered. Gold for August delivery, the most active contract, added $11.90, or 1%, to $1,226.90 an ounce on the Comex division of the New York Mercantile Exchange. "We're still trying to price in the euro problems," said Frank Lesh, a broker and analyst at FuturePath Trading in Chicago. "There's still a lot of uncertainty in the market and people are waiting to see how this all plays out."

Any repairs to Europe's economy will be a "long and drawn out process," and investors have been and will be buying gold as an alternative to currencies, he added. "We're not seeing any real interest in selling today," said Stephen Platt, a commodity analyst with Archer Financial in Chicago. Investors are still flocking to gold as they fear currency collapses and uncertainty about Europe continues, he said. For the week, "as long as we hold around $1,200-mark we may push to the $1,250-$1,260 area," surpassing the May 12 record of $1,243.10, Platt said. See full story.