Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures inched up as the dollar weakened Thursday in a late-day comeback that mirrored the previous session�s action. Gold for February delivery rose $1.20, or 0.1%, to $1,387 an ounce on the Comex division of the New York Mercantile Exchange. It traded as high as $1,392.90 and as low as $1,377.20 an ounce. The metal had a mixed start, but traded higher early Thursday on a boost from a report showing U.S. jobless claims rose the most in two months.

Spain and Portugal�s success in convincing investors to buy their bonds weighed on the metal, however, and gold spent most of the session on the defensive. The bond auctions �reduced safe-haven demand for gold,� said Jim Steel, an analyst with HSBC in New York. Steel was bullish on gold in the long term, but said �for now a lot will depend on how the European debt crisis plays out.� See full story.