Daily Gold Update

Source: Marketwatch

New York— Gold futures rose Tuesday for the first day in four, ending above $1,010 an ounce as a weaker U.S. dollar boosted the metal's appeal and as demand for gold exchange-traded funds showed improvement. Other metals also rose. The dollar renewed its slide, falling to a fresh one-year low against the euro as the Federal Reserve began its two-day policy meeting Tuesday. Meanwhile, holdings in SPDR Gold Trust, the biggest gold ETF, rose more than 15 metric tons to the highest level in more than two months. Gold for September delivery gained $10.50, or 1%, to $1,014.20 an ounce on the Comex division of the New York Mercantile Exchange. On Monday, the contract briefly fell below the $1,000 mark for the first time in a week. It had risen to $1,019.80 last Wednesday, an all-time high for a front-month contract.

More actively traded, the December gold contract rose $10.60, or 1.1%, to $1,015.50. It topped $1,020 an ounce earlier in the session. The London afternoon fixing, a global gold benchmark, stood at $1,014 an ounce Tuesday, up 1.7% from the previous day. Gold rose in a "familiar formula of lower dollar, higher crude," said George Gero, a precious-metals trader for RBC Capital Markets. "It's almost like Yankees win and Mets lose most of the time." See full story.