Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures settled modestly lower on Thursday, giving back some of the gains amassed over the past four sessions and unable to get much traction from disappointing economic news and a weaker dollar. Gold for August delivery, the contract with the most open interest, declined $4.10, or 0.3%, to $1,523.70 an ounce in the Comex division of the New York Mercantile Exchange. Gold for June delivery, with the most volume, lost $3.90, or 0.3%, to $1,522.80 an ounce. Silver, which rallied more than 3% in each of the past two sessions, also gave back some of its rally. July silver declined 31 cents, or 0.8%, to $37.33 an ounce.

Volumes were low ahead of the three-day weekend in the U.S., said Matt Zeman, head trader and strategist at Kingsview Financial in Chicago. Gold remains very well supported amid simmering concerns about Greek debt and its impact on the euro zone, he said. People are still seeking gold as �they lose faith in currencies … and hedge against inflation,� Zeman said. He added he wouldn�t be surprised if gold tested highs around $1,570 in the next few weeks. See full story.