Daily Gold Update

Source: MarketWatch

New York— Gold futures ended sharply lower Tuesday, as the U.S. dollar strengthened, while Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke urged U.S. senators to approve the proposed $700 billion bailout plan for troubled banks. Gold for December delivery fell $17.80 to end at $891.20 an ounce on the New York Mercantile Exchange. Earlier, the contract climbed to an intraday high of $908.80 an ounce.

"It's got to be light profit-taking, but it won't hold," said Zachary Oxman, a senior trader at Wisdom Financial, commenting on Tuesday's market action in gold. "I'd watch for gold to continue its upward trajectory as the market continues to be mired in this quagmire that is the bailout plan," Oxman said in emailed comments. Oxman expects gold to climb back to more than $950 an ounce amid another "round of large-scale commodity buying as investors flee to hard assets." See full story.