Daily Gold Update

Source: Marketwatch

New York— Gold futures ended up 0.5%, but well below their intraday high as a tumble in crude-oil futures put pressure on demand for the precious metal. Gold for August delivery gained $5 to end at $978.70 an ounce on the New York Mercantile Exchange. Earlier, gold rose to an intraday high of $988.60 an ounce and fell to an intraday low of $969.30.

The decline "off the intraday high in gold was a result of the massive liquidation that was going on in the crude-oil market," said Burton Schlichter, director of trading at New World Trading. "Crude oil this morning is feeling the ill effects of the equities markets around the globe," he said. Crude futures fell more than $9 a barrel in a midday reversal Tuesday, the biggest daily drop in more than 17 years, as concerns that slowing economic growth will dampen oil demand triggered a broad sell-off in energy commodities. See full story.