Daily Gold Update

Source: Marketwatch

New York— Gold futures closed at a record high on Thursday, handily surpassing the mark reached just last week as investors grew more concerned about the U.S. economy and its proxy, the stock market. Gold for August delivery, the most active contract, added $18.20, or 1.5%, to settle at $1,248.70 an ounce on the Comex division of the New York Mercantile Exchange. That left the June 8 record close of $1,245.60 in the rearview mirror. The contract hit an intraday high of $1,252.50 on Thursday, CME said, also surpassing a record intraday high of $1,246.50 reached May 12.

A combination of shakier equities, key indicators pointing to sluggish growth in the U.S., expectations that interest rates will remain low, and a weaker dollar conspired to shake gold's out of the range-bound, sleepy trading pattern it had fallen since the June 8 close. "Equities are in a precarious situation," said Charles Nedoss, a senior market strategist with Olympus Futures in Chicago. Investors feel stocks may be overbought and turned to the safety of gold, he added. See full story.