Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures, which had lagged for most of the session, made a late session turn to join the rest of the metals with closing gains. Gold for February delivery ended up $2.70, or 0.2%, at $1,388.8 an ounce. Copper futures closed at a record high Tuesday after Chile�s Collahuasi copper mine, one of the world�s largest, said it had halted shipments of copper concentrate.

Gold�s moves toward year-end are likely to be influenced by shifts in the euro and dollar, and portfolio managers� efforts to close out the year with gains. �The currencies are likely to lend further direction in the coming days, but as a whole we expect trade will remain mixed as traders carry out book squaring in relatively thin conditions,� said James Moore, research analyst at FastMarkets. Support for gold has also come from worries about European sovereign debt and from a strong seasonal year-end pattern, said analysts at MF Global. See full story.