Daily Gold Update

Source: MarketWatch

San Francisco— Gold futures closed lower Wednesday to tally a two-session loss of more than $28 an ounce after revisiting a level not seen in more than two weeks as the dollar rose against some major currencies. Gains in the U.S. currency put some pressure on demand for the precious metal. Gold for December delivery dropped $14.50, or 2%, to close at $718.30 an ounce on the Comex division of the New York Mercantile Exchange.

On Wall Street, U.S. stocks fell Wednesday, with Best Buy becoming the latest firm to issue a profit warning at a time of growing fears over the health of financials and automakers. In foreign-exchange trading, the dollar index, a measure of the greenback against a trade-weighted basket of six major currencies, was at 87.360, up from 87.250 late Tuesday. The U.S. dollar gained ground against the British pound and Canadian dollar. See full story.