Daily Gold Update

Source: Marketwatch

New York— Gold futures ended higher Tuesday as the dollar trimmed some of its gains and rising U.S. equities set up a positive tone after a better-than-expected report on U.S. housing. Gold shrugged off earlier weakness to finish up for the first time in three sessions. Gold for April delivery, the most active contract, gained $4.20, or 0.4%, at $1,103.70 an ounce by the close of floor trading on the New York Mercantile Exchange. Gold for May delivery, which trades more thinly, was up $4.30 to $1,104.40 an ounce

The metal started the day marginally off, but got a boost as equities rose in response to the government's report on existing home sales. Data showed resales declined for a third month in a row but were less than expected. Commodities and equities in the past year have frequently moved in lock-step as they benefited from investors' growing belief that a global rebound will buoy demand for raw materials, as well increase corporate profits. Gold sometimes joins in this trend. Other metals followed gold's lead, staging their own comebacks. See full story.