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Gold gains, but clouds hover over short-term outlook
LONDON (MarketWatch) — Gold prices edged higher Wednesday, a slight recovery from losses in the previous session when investors sought to take on risk in equities.

Gold for August (CNS:GCQ4) rose $2.20, or 0.2%, to $1,308.50 an ounce.

The August contract dropped nearly $8 on Tuesday as the appeal of safe havens weakened and stocks strengthened on better-than-expected inflation and housing data, and quarterly earnings reports that have mostly come in above expectations. The S&P 500 index (SNC:SPX) on Tuesday closed just shy of its record closing high.

Gold only holds “slight upside potential” in the short term, wrote commodities analysts at Commerzbank on Wednesday. They noted that dollar-denominated gold was weighed by gains in the dollar (ICAP:EURUSD) against the euro Tuesday as the U.S annual. inflation rate remained at 2.1%. http://www.marketwatch.com/story/gold-gains-but-clouds-hover-over-short-term-outlook-2014-07-23