Daily Gold Update

Source: Marketwatch

New York— Gold futures reduced most of their earlier gains Tuesday, ending almost flat as the U.S. dollar turned higher after data showed a steep drop in pending home sales, curbing the metal's investment appeal. U.S. pending home sales plunged 16% in November, the National Association of Realtors reported Tuesday. The dollar turned higher against the euro and pared declines against other rivals.

Gold for February delivery ended at $1,118.70 an ounce on the Comex division of the New York Mercantile Exchange, up 40 cents from the previous session. It rose to $1,129.60 earlier, the highest level in more than two weeks. The dollar strength "attracted short-term profit taking as well as upcoming re-balancing of some index holdings," said George Gero, a precious-metals trader for RBC Capital Markets. The market will "continue to look for this type of trading range" this week. See full story.