Daily Gold Update

Source: Marketwatch

San Francisco— Gold staged a comeback Thursday, posting gains after bottom fishers came in to snap up the metal at bargain prices and as other commodities rallied on enthusiasm about U.S. corporate earnings. Gold futures for August delivery added $3.80, or 0.3%, to $1,195.60 an ounce in electronic trade on the New York Mercantile Exchange. Prices had hit an intraday low of $1,180.70 an ounce, according to FactSet Research.

"Gold is putting up a meek performance today, considering that other commodities are rallying," said James Cordier, a portfolio manager at OptionSellers.com in Tampa, Fla. "Today would be a classic day for gold to go up, and it is facing some headwinds here." Gold has closed under the key psychological $1,200 mark for five consecutive sessions. Headwinds include lack of data showings signs of inflation, and the likely increase in production that may come with the recent higher prices. See full story.