Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures slipped Wednesday as investors booked profits after a three-session climb, but the prolonged standoff in Washington over increasing the U.S. debt ceiling and disappointing durable-goods data helped limit losses. Gold for August delivery fell $1.70, or 0.1%, to settle at $1,615.10 an ounce on the Comex division of the New York Mercantile Exchange. It traded as high as $1,628 earlier, but also as low as $1,613. The December contract traded $2 lower at $1,617.30 an ounce after a high of $1,631.20.

Gold was pressured by a much higher dollar on Wednesday, however. The rising dollar was more of a factor on Wednesday�s trading as �people were eager to book profits … after this run,� said Matt Zeman, head trader with Kingsview Financial in Chicago. The dollar index, which compares the U.S. unit to a basket of six currencies, recently traded at 74.138 from 73.501 late Tuesday. �Gold is going to remain well supported until there�s some type of resolution on this debt issue,� Zeman said. See full story.