Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures fell to a more than one-month low Wednesday when the U.S. dollar strengthened against other major currencies, but the metal recouped some of the day's losses to close above $900 an ounce after the greenback weakened. Gold for August delivery closed at $902.90 an ounce on the New York Mercantile Exchange, down $13.60, or 1.5%. It traded as low as $895.20 earlier, the contract's lowest intraday level since June 25.

Gold "will remain vulnerable to further bouts of dollar-related selling," said James Moore, an analyst at TheBullionDesk.com. "The greenback's recent gains suggest the likely impact of an economic slowdown in the U.S. has been factored into the currency, and that with other parts of the western world now showing signs of economic downturn, their currencies may in turn begin to struggle," Moore wrote in a research note. See full story.