MW: Gold heads for third-straight gain; oil edges up
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) - Gold futures climbed Tuesday, ready to mark their third-straight session of gains, while oil prices edged up, but held their ground below $83 a barrel. Gold for August delivery GCQ2 +0.40% rose $6.40, or 0.4%, to $1,603.20 an ounce on the Comex division of the New York Mercantile Exchange. July crude oil CLN2 +0.23% traded at $82.92 a barrel on Nymex, up 23 cents, or 0.3%. "Gold and crude have been bouncing today, not really tied to [the U.S. dollar index] like usual," said Darin Newsom, a senior analyst at Telvent DTN. "Oversold conditions could spark some short-covering by investment traders [but the] overall picture in commodities is still bearish as investment money seems to be moving to other arenas."
