Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.2% in choppy trade, recouping all of yesterday's slide to close above $1,346 after the dollar retreated on uncertainty about interest rates.

The dollar surrendered 0.2% against major rivals, ending a two-day rally, as traders grew more skeptical about the likelihood of a U.S. rate hike in September. Recent comments by prominent Fed officials putting a September hike on the table had lifted the buck over the last two sessions, pressuring gold and other commodities price in it for international trade.

But today the market apparently pushed back on the prospect of an imminent hike, with traders doubting that Fed Chair Janet Yellen will shake things up so close to the election. Further guidance is expected when Yellen addresses a conference of global central bankers in Jackson Hole on Friday.

The dollar's loses, and gold gains, were capped by data showing new-home sales surged to an eight-year high in July.

The other precious metals also finished higher, with silver and platinum adding 0.3% while palladium climbed 1.1%.

At the Comex close: December gold gained $2.70 to $1,346.10; September silver added 6 cents, to $18.92; October platinum rose $3.10 to $1,111.30; and September palladium climbed $7.70 to $699.85 an ounce.