Daily Gold Update

Source: Marketwatch

New York— Gold futures fell Monday for a third session, briefly moving below $1,000 an ounce for the first time in a week, as the U.S. dollar rose against major rivals ahead of the Federal Reserve's meeting, reducing the appeal of the precious metal. The Federal Open Market Committee, the Fed's policy arm, will start a two-day meeting on Tuesday. Meanwhile, leaders of the world's most powerful economies will mee in Pittsburgh later this week for the Group of 20 summit.The thinly traded September gold contract dropped $5.50, or 0.5%, to $1,003.70 an ounce on the Comex division of the New York Mercantile Exchange. It fell as low as $998 earlier, moving below the $1,000 mark for the first time since Sept. 14. The contract rose to $1,019.80 last Wednesday, an all-time high for a nearby Comex gold contract.

The most active December contract also fell Monday, down $5.40, or 0.5%, to $1,004.90. The contract topped $1,020 an ounce Wednesday. The London afternoon fixing, a global gold benchmark, stood at $997 Monday, down 1.5% from a day ago. In currencies, the dollar strengthened against most of its major rivals, rebounding from one-year lows. The dollar index /quotes/comstock/11j!i:dxy0 (DXY 76.77, +0.22, +0.28%) gained 0.4% at 76.724. See full story.