Daily Gold Update

Source: Marketwatch

New York— Gold futures rose back above $940 an ounce Wednesday, rebounding on the heels of two losing sessions as the dollar fell against the euro following a report showing further contraction in U.S. private-sector jobs. A weaker greenback effectively raises gold's appeal as an alternative investment. Gold prices are denominated in dollars. Meanwhile, holdings in the biggest gold exchange-traded fund fell for the first session in four, adding downward pressure on gold.

On the Comex division of the New York Mercantile Exchange, August gold gained $13.90, or 1.5%, to end at $941.30 an ounce. The metal ended last month's trading down more than 5%. The SPDR Gold Trust saw its holdings drop to 1,120.55 metric tons Tuesday, down 5.19 metric tons from a day earlier, according to data from the fund. The decline of 473,000 in the number of private-sector jobs for June, based on a sampling of data compiled by payrolls-processing giant Automatic Data Processing, was close to the consensus forecast of economists calling for a decline of 498,000. See full story.