NEW YORK (MarketWatch) -- Gold futures rose back above $940 an ounce Wednesday, rebounding on the heels of two losing sessions as the dollar fell against the euro following a report showing further contraction in U.S. private-sector jobs.
A weaker greenback effectively raises gold's appeal as an alternative investment. Gold prices are denominated in dollars. Meanwhile, holdings in the biggest gold exchange-traded fund fell for the first session in four, adding downward pressure on gold.
On the Comex division of the New York Mercantile Exchange, August gold gained $13.90, or 1.5%, to end at $941.30 an ounce. The metal ended last month's trading down more than 5%.
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