Daily Gold Update

Source: Marketwatch

New York— Gold futures edged lower on Thursday as investors turned their attention to riskier bets such as stocks and oil and the euro strengthened mildly during the session. Gold for August delivery declined $2.80, or 0.2%, to $1,196.10 an ounce on the Comex division of the New York Mercantile Exchange, keeping under the $1,200 mark for third time in a row. "Recent gold buying had been on fear, with the euro being a sector of major concern," said Adam Klopfenstein, senior market strategist at Lind-Waldock in Chicago.

But with "continued optimism in the euro currency, you're seeing an unwinding of the buy-gold-sell-euro trade. This, and there are no new specific fears or inflation threats that are driving investors to gold." In recent foreign-exchange trading, the euro rose 0.2% to $1.2662 from $1.2641 in late New York trading Wednesday, as the shared currency built on its recent recovery. The euro touched a two-month high of $1.2702 on Thursday. See full story.