Daily Gold Update

Source: MarketWatch

New York— Gold futures fell modestly Monday, moving lower for a sixth straight session from their recent high above $1,000, as gains in the U.S. dollar reduced the metal's appeal as an investment alternative. A stronger greenback tends to push dollar-denominated gold prices lower, although the dollar and gold have mostly moved in tandem this year, as safe-haven buying boosted both assets. "The stronger dollar is finally weighing on gold," said Julian Phillips, editor at GoldForecaster.com.

On Monday's morning trading, gold for April delivery, the most active contract, fell $8.50, or 0.9%, to $934 an ounce on the Comex division of the New York Mercantile Exchange. Gold had lost about $70 since it hit an 11-month high above $1,000 an ounce on Feb. 20. "We're witnessing a normal correction," said Peter Grandich, a metals writer at Agoracom, an online marketplace for the small-cap investment community. Safe-haven buying could boost prices again, he added. See full story.