Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures on Tuesday touched a record above $1,900 an ounce but settled lower, losing ground as a rising dollar pressured commodities and as U.S. equities came off session lows. Gold hit an intraday record of $1,923.70 an ounce on a steep decline in U.S. stocks and a move by the Swiss to contain their currency�s rise versus the euro, which boosted the metal�s appeal as a safe-haven investment. Gold for December delivery declined $3.60, or 0.2%, to settle at $1,873.30 an ounce on the Comex division of the New York Mercantile Exchange.

Investors� �worst fears� about a deeper selloff for stocks haven�t materialized, taking some wind out of gold�s sails, said Frank Lesh, a broker with FuturePath Trading in Chicago. However, touching an intraday record only to end lower hasn�t tarnished gold, said Scott Meyers, a senior trading analyst with Pioneer Futures in New York. �It didn�t settle above $1,900 but it is still a very, very strong market,� Meyers said. �There�s this general fear of currencies losing value at a rapid clip and you are going to see gold as a beneficiary of a lot of money going into tangible assets.� See full story.