Daily Gold Update

Source: Marketwatch

New York— Gold futures rose for a sixth straight session on Wednesday as physical buyers continued to support prices, but the metal fell less than $5 short of the $1,200-an-ounce level. China's decision this week to liberalize its domestic gold market also continued to reverberate positively for the precious metal. Gold for December delivery, the most actively traded contract, added $8.40, or 0.7%, to $1,195.90 an ounce on the Comex division of the New York Exchange. The contract earlier hit an intraday high of $1,205.50 an ounce, but couldn't settle past this resistance. Gold hasn't finished above $1,200 since July 15.

For gold, "appetite is rising in anticipation of increased jewelry demand later this month," said Walter de Wet, a Standard Bank commodities analyst in London. With Hindu and Muslim holidays approaching in areas of the globe where gold-buying is a time-honored tradition, "demand will stay in place, the guys need to buy, they need to stock up," he said. India's wedding season, traditionally a strong time of the year for gold-buying, is also starting later this month, he added. India is among the top gold-buying countries in the world. See full story.