Daily Gold Update

Source: Marketwatch

New York— Gold futures on Tuesday finished modestly higher, snapping a two-day losing streak, after an up-and-down session that had investors worried about the strength of the global recovery. A gold rally "was tempered by lack of physical demand from the jewelry trade, the Indian imports due to new duty, and the liquidating mode of the markets," said George Gero, a precious-metals trader at RBC Capital Markets. Adding pressure, holdings in the biggest gold exchange-traded fund slid.

Also potentially weighing on prices in the long term, India — the biggest gold consumer — on Monday doubled import taxes on gold and silver as the government sought to raise funds. August gold futures gained $.4.80, or 0.5%, to end at $929.10 an ounce on the Comex division of the New York Mercantile Exchange. Holdings in the SPDR Gold Trust fell to 1,120.19 metric tons Monday, down 0.36 metric tons from the previous day, as the latest data from the fund showed holdings now down about 12 metric tons from a month ago. See full story.