Daily Gold Update

Source: Marketwatch

New York— Gold futures fell Wednesday for a fourth straight session to the lowest level in nearly one month, as the dollar rose against the euro after Standard & Poor's cut the outlook on Spain, a euro-zone country. Since hitting a new high above $1,226 an ounce on Dec. 3, gold has tumbled nearly $100, or 8%, in the four sessions, its longest losing streak in six weeks. Reflecting investors' change in sentiment, holdings in the biggest gold exchange-traded fund saw their biggest drop in five months. Gold for December delivery declined $22.40, or 2%, to $1,120.40 an ounce on the Comex division of the New York Mercantile Exchange, the lowest settlement since Nov. 13.

The more actively traded February contract also fell to $1,120.90 an ounce.Gold, which tends to trade in the opposite direction to the dollar, has closely followed the greenback in recent trading. "I don't think we will see a sustained rally in gold until there is more clarity on the direction of the dollar," said Brian Kelly, chief executive of Kanundrum Research, a commodities and macroeconomic research firm. See full story.