Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures inched lower Tuesday, failing to get much traction out of a falling dollar as investors awaited word from Federal Reserve Chairman Ben Bernanke later in the session. Gold for August delivery, the most active contract, declined $3.20, or 0.2%, to $1,544 an ounce in the Comex division of the New York Mercantile Exchange. It had earlier traded as high as $1,551.40 an ounce, its best price since early May. �The risk premium has come out of the gold market,� said Matt Zeman, head trader and strategist at Kingsview Financial in Chicago.

Economic data out of Europe supported the euro, which rallied against the U.S. dollar. A weaker greenback, which earlier fell to a one-month low against the euro, provided support for other metals, which closed higher. Investors waited to hear from Bernanke, scheduled to speak about the economic outlook in Atlanta later Tuesday. With the �soft patch� the economy has hit in recent weeks, the approaching end of the second round of quantitative easing, and uncertainty surrounding what, if anything, will replace the asset-buying program, �a lot of people are sitting on their hands,� Zeman said. See full story.