Gold News & Info

Source: Marketwatch

San Francisco— Gold futures closed lower Wednesday, giving back some of the nearly $14 an ounce they gained during a three-session winning streak as the U.S. dollar regained lost ground against some major currencies and oil prices retreated. Gold for August delivery closed down $2.30 at $662.10 an ounce on the New York Mercantile Exchange. The contract had climbed $1.90 on Tuesday to tally a three-session win of $13.80.

"There is substantial resistance in the mid-$660's and the present demand is eating away at it," said Julian Phillips, an analyst at GoldForecaster.com. "We should continue to see a certain amount of ebb and flow until this resistance is absorbed," he said in e-mailed comments. "Once this is complete, expect to see a more vigorous market." See full story.