Daily Gold Update

Source: Marketwatch

San Francisco— Gold�s fortunes reversed Thursday, as the dollar strengthened and after a report showed an unexpected increase in manufacturing activity in the Chicago area. Gold for December retreated $1.40, or 0.1%, to $1,308.90 an ounce on the Comex division of the New York Mercantile Exchange. �It just remains a dollar story,� said Matt Zeman, a strategist at LaSalle Futures in Chicago. �We�re down a few bucks, it�s not a huge deal. Every dip continues to be met with buying. That�s a sign of strength in this market.�

�To see a bit of a bounce is not a surprise, it�s to be expected,� Zeman added. It earlier hit an intraday high of $1,317.50 an ounce and looked set to notch another record high as the dollar started the day weaker and a report confirmed growth in the U.S. economy slowed in the second quarter. Gold on Wednesday reached its eleventh record-high settlement for September � and its sixth in a row. Marketwatch