Gold News & Info

Source: Marketwatch

San Francisco— Gold futures closed higher for the first time in three sessions Wednesday, snapping back from a quick dip in late trading, as a steep decline in prices over the past two trading sessions lured buyers. Gold for June delivery climbed $2, or 0.1%, to close at $1,455.60 an ounce on the Comex division of the New York Mercantile Exchange. The contract had tallied a loss of $20.50 in the past two sessions. In the final hour of trading Wednesday, gold briefly touched a low of $1,452. Analysts blamed the move on a spike in the U.S. dollar, which dulled gold investment demand. �Look at the dollar � it�s rallying and breaking away from the 75 mark,� said Charles Nedoss, a senior market strategist at Olympus Futures, referring to 75 as a �critical level� for the dollar.

The U.S. dollar index , which measures the U.S. unit against a basket of six other currencies, touched a high above 75 Wednesday, up from 74.847 late Tuesday, after a report showed some measures of U.S. retail sales improved more than expected in March. Even though gold prices have declined recently, the market has held on to Tuesday�s 10-day moving average of $1,449.30, said Nedoss. A close above that 10-day moving average Wednesday is �very positive and bodes well for higher prices,� he said. See full story.