Daily Gold Update

Source: Marketwatch

New York— Gold futures declined more than 1% Monday, as the dollar strengthened against other major currencies and stocks recovered from earlier lows. Gold for August delivery lost $17.60, or 1.4%, to $1,238.60 an ounce on the Comex division of the New York Mercantile Exchange. Prices opened higher but swerved in and out of positive territory early in the session. By midmorning, prices had fallen precipitously.

Although there wasn't a specific piece of news directly driving the market, gold felt the pinch of a rising dollar and mildly positive stocks, said Bill O'Neill, a principal with Logic Advisors in New Jersey. "It's very, very nervous trade," he said. Silver tracked gold for most of the day but was hit considerably more. July silver lost 43 cents, or 2.3%, to finish at $18.67 an ounce. See full story.