Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures settled lower Monday, slipping alongside other commodities on fears the global recovery could be hitting a rough patch. Gold for August delivery declined $13.60, or 0.9%, to $1,515.60 an ounce on the Comex division of the New York Mercantile Exchange. Mild losses turned into a selloff as the session drew to a close. Monday�s settlement was the lowest for a most-active gold contract since May 23. July silver stumbled $1.59, or 4.4%, to settle at $34.74 an ounce, the lowest finish for silver since May 17.

Gold was wearing its �inflationary hat as a barometer for price action,� said Adam Klopfenstein, senior market strategist at Lind Waldock in Chicago. Investors pushed inflation concerns to the back burner amid fears of an economic slowdown, and it�s too early for gold to gain on flight-to-safety buying related to the downdraft, he added. See full story.