Daily Gold Update

Source: Bloomberg

London— Gold rose for the first time in three days as the dollar dropped and equities climbed, enhancing the appeal of commodities. Silver also gained. The greenback fell as much as 0.6 percent against a basket of six major currencies. The Standard & Poor�s 500 Index climbed to the highest in almost nine months. Eighteen of 19 raw materials in the Reuters/Jefferies CRB Index advanced. �The dollar is likely to go lower, and thus gold higher today,� David Thurtell, an analyst at Citigroup Inc. in London, said in an e-mail.

Gold futures for August delivery climbed $7.10, or 0.8 percent, to $934.30 an ounce at 12:29 p.m. on the Comex division of the New York Mercantile Exchange. The December contract gained $6.80, or 0.7 percent, to $936.50. The spot price rose $4.53, or 0.5 percent, to $934.53. Silver futures for September delivery climbed 18.2 cents, or 1.4 percent, to $13.44 an ounce on the Comex. Spot gold dropped 2.5 percent in the previous two days on signs of waning investment demand for the metal. See full story.