Daily Gold Update

Source: MarketWatch

San Francisco— Gold futures closed slightly lower Thursday, reflecting weakness in the broader U.S. stock market after a failed attempt at reaching the $675-a-ounce level, as the dollar declined against major currencies and oil prices struggled to end their losing streak. Gold for December delivery fell by 30 cents to close at $668.40 an ounce on the New York Mercantile Exchange. On Wednesday, gold futures rose $2.50 to close at a one-week high of $668.70 an ounce.

Besides Wednesday's "news regarding record jewelry demand in India and internationally, and record bullion demand and holding in the StreetTracks Gold ETF, there is also positive gold news in the form of … gold de-hedging, which hit a new high," said Mark O'Byrne, director of GoldandSilverInvestments.com. See full story.