Daily Gold Update

Source: Marketwatch

New York— Gold futures edged higher on Wednesday, enough to deliver another monthly gain and another quarterly rise for bullion, as investors weighed a disappointing jobs report against a hopeful read on manufacturing activity in the Chicago area. Gold for August delivery added $3.50, or 0.3%, to $1,245.90 an ounce on the Comex division of the New York Mercantile Exchange. Prices fluctuated earlier, reacting to the macroeconomic reports and the ups and downs for other commodities and the stock market. Gold ended the second quarter up 12%, its seventh consecutive quarterly gains. It rose 1.7% in the first quarter of 2010, a string of wins going back to the third quarter of 2008, when it lost nearly 5%.

On the month, gold gained 2.5%, following gains of 3% in May and 6% in April. Gold lost 0.4% in March. Some analysts expect more of the same for the metal going forward. "Uncertainty is going to play in the hands of gold," said Richard Ross, a technical analyst at Auerbach Grayson in New York. "Gold should continue to be an over performer in the second half of the year … benefitting from uncertainty and risk appetite. As investors look for alternative to currencies, the bullish argument for gold is intact." See full story.