Gold News & Info

Source: Marketwatch

San Francisco— Gold futures rose Wednesday, overcoming a wobbly start as a weaker dollar and disappointing U.S. economic data spurred buying in precious metals. Gold for August delivery, the most active contract, gained $6.40, or 0.4%, to $1,543.20 an ounce on the Comex division of the New York Mercantile Exchange. Other metals settled lower as the data gave way to fears of diminished demand. �Gold is an asset that a lot of people feel should be part of their portfolio� as a way to diversify from equities and growth-related commodities, said Adam Klopfenstein, a senior market strategist at Lind Waldock in Chicago.

Weak economic data, lower equities, and a falling dollar combined Wednesday to push more investors toward gold, he added. Gold had seesawed between modest gains and losses earlier in the session. Reports showing that U.S. employers added fewer private-sector jobs than expected and that growth in the manufacturing sector slowed down acted as catalysts for safe-haven buying. The weak economic data also pressured the U.S. dollar, adding another layer of support for gold, which often moves inversely to the dollar. See full story.