Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed higher Wednesday as growing uncertainty surrounding Greece�s debt crisis helped the market score its first gain in four sessions. Prices finished off the session�s high after a policy statement from the U.S. Federal Reserve offered no surprises. The Fed repeated its intention to hold rates close to zero until mid-2013. But gold extended its climb into the electronic trading session after the Fed sliced its growth outlook for this year. In a press conference, Fed Chairman Ben Bernanke also reiterated that low rates could hold beyond mid-2013.

Gold for December delivery gained $17.80, or 1%, to settle at $1,729.60 an ounce on the Comex division of the New York Mercantile Exchange, pulling back after an earlier high of $1,745.60. Futures prices had lost about $36 in the past three trading sessions. In recent electronic trading, December gold was up more than $4 from the Comex close. The Federal Open Market Committee policy statement was �pretty much as I expected,� said Peter Grant, senior metals analyst at USAGold-Centennial Precious Metals Inc. �Gold remains generally well bid.� See full story.