LONDON (SHARECAST) - Gold futures settled lower, pressured by a stronger dollar and as profit takers moved in after record highs. However tensions about the prolonged debate in Washington over the US debt ceiling capped any big losses for gold. Gold for August delivery, the most actively traded contract, declined $1.70 to close at $1,615.10 an ounce on the Comex division of the New York Mercantile Exchange. The contract hit an earlier intraday record of $1,628.80 and a low of $1,613. Silver for September delivery mirrored gold's losses, falling 13 cents to $40.57 an ounce. Meanwhile an unexpected jump in US oil stockpiles weighed on crude futures on Wednesday. The Energy Department said crude oil supplies increased 2.3m barrels to 354m barrels, confounding expectations of a decline of 2.3m barrels. Gasoline inventories rose 1.02m barrels to 213.5m. Distillates, which include heating oil and diesel, jumped 3.39m barrels to 151.8m. Crude oil for September delivery fell $2.19 to settle at $97.40 a barrel on the New York Mercantile Exchange. On the London based ICE Futures Europe exchange Brent crude oil for September settlement lost 85 cents to settle at $117.43 a barrel. Disappointing economic data also weighed on oil prices after the Commerce Department said US durable-goods orders fell 2.1% in June.

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