Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed with a more than $10-an-ounce loss on Tuesday to tally four-losing sessions in a row as metals traders shrugged off a weaker dollar and some upbeat U.S. economic data helped dull safe-haven investment demand for the metal. Entering the final trading week of the year, gold for February delivery GC2G -0.72% fell $10.50, or 0.7%, to settle at $1,595.50 an ounce on the Comex division of the New York Mercantile Exchange. Prices, which finished at their lowest closing level since Dec. 15, have now tallied a four-session loss of 1.4%, though they gained 0.5% for last week. Comex trading was closed on Monday in observance of the Christmas holiday.

Gold prices �will remain under pressure for as long as the euro holds above $1.30,� said Richard Hastings, a macro strategist at Global Hunter Securities. �There�s very little speculative fund action this week, so there�s nothing flowing in the markets to throw speculative money at precious metals,� he said. The European Central Bank�s �funding action threw a bucket of water on gold last week, but there�s always new sources of speculative fire – perhaps next year,� Hastings added. Gold�s Tuesday losses came as upbeat economic data contributed support to crude-oil futures and, to a lesser degree, U.S. stocks. See full story.