Daily Gold Update

Source: MarketWatch

New York— Gold futures closed with a loss of almost $15 an ounce Wednesday, breaking a two-session winning streak as traders digested the outcome of the U.S. presidential election. "Now that at least one major uncertainty is out of the way – the small matter of the U.S. presidency – markets are now confronted with a myriad of other financial and economic uncertainties," said Mark O'Byrne, a director at Gold and Silver Investments Ltd. "Indeed, conditions now are arguably more uncertain now than at any time since the 1970's and even the 1930's," he said.

Gold for December delivery fell by $14.90, or 2%, to close at $742.40 an ounce on the Comex division on the New York Mercantile Exchange. And reflecting volatility Wednesday, the contract traded between a one-week high of $770 and a low of $735.70 on Globex. "We said some weeks ago that the recent sell-off in precious metals was likely to end around Election Day and believe that this has indeed happened and that gold will resume its secular bull market in the coming weeks," said O'Byrne. See full story.