Daily Gold Update

Source: Marketwatch

New York— Gold futures edged up Wednesday as investors took an opportunity to buy bullion after prices recently had fallen to their lowest point since late May. Gold for August delivery rose $3.80, or 0.3%, to $1,198.90 an ounce, the laggard amid base and other precious metals. Gold spent the earlier part of the session in the red, with sentiment dampened by news that China would not increase its gold holdings and a separate report detailing central-bank gold sales.

Gold has lost 4.7% since settling at the record high of $1,258.30 an ounce on June 18. September silver rose 0.1%, adding 80 cents to settle at $18 an ounce, regaining the $18 level for the first time in a week. Gold was "short-term oversold," said Charles Nedoss, a strategist with Olympus Futures in Chicago. Gold Tuesday settled at its lowest in more than a month, shedding 1% and still reeling from the past week's loss of 4%. A weaker dollar also provided some support for the metal, he added. "Gold is back to its normal relationship with the dollar, at least for today," he said. See full story.