Daily Gold Update

Source: Marketwatch

New York— Gold futures fell Tuesday for a third straight session as worries about credit problems in Greece and Dubai helped the U.S. dollar extend gains, reducing gold's appeal as an alternative to paper currencies. Gold for December delivery fell $20.40, or 1.8%, to end at $1,142.80 an ounce on the Comex division of the New York Mercantile Exchange. Futures have declined 6% since Thursday, when they hit a record high above $1,226 an ounce.

Weighing on gold prices, the dollar strengthened against the euro and most of its other major rivals. In Tuesday trading, the euro fell 0.8% against the dollar, trading at $1.4703. The dollar index rose 0.6% to 76.211. "The better dollar outlook and lack of inflationary pressure are hurting gold," said George Gero, a precious-metals trader for RBC Capital Markets. "Gold has gained a lot, and more shorts [selling positions] are pressuring year-end sellers." See full story.