Daily Gold Update

Source: MarketWatch

New York— Gold futures fell Tuesday, as a weaker-than-expected report on U.S. retail sales, along with a big drop in March producer prices, reduced the precious metal's appeal as protection against inflation. Gold for June delivery fell $3.80, or 0.4%, to $892 an ounce on the Comex division of the New York Mercantile Exchange. Gold ended Monday's trading up more than 1%.

Losses in gold came amid broad declines in U.S. stock markets and crude-oil futures. U.S. retail sales dropped a seasonally adjusted 1.1% in March, after two months' of gains had boosted hopes of a rebound in consumer spending, the Commerce Department reported Tuesday. Meanwhile, inflation at the wholesale level fell more sharply than expected in March after two second consecutive months of gains, the Labor Department reported. The producer price index fell 1.2%, driven by 5.5% decline in energy prices, including a 13.1% drop in gasoline. See full story.