Daily Gold Update

Source: Marketwatch

New York— Gold futures slumped nearly $25 on Tuesday to close at a two-week low, following a broad sell-off in commodities as weaker-than-feared Tropical Depression Gustav undermined oil prices, which fell by as much as $10 a barrel. Gold for December delivery slumped $24.7, or 3%, to end at $810.50 an ounce on the Chicago Board of Trade, the weakest closing level since Aug. 18. It plunged $40 to $795.20 an ounce earlier. Meanwhile, the benchmark crude-oil contract tumbled as much as $10 to $105.46 a barrel, the lowest in five months.

The precious metal lost $89.20 in August, the biggest monthly loss in dollar terms since at least 1984, according to FactSet. "It will be interesting to see how long gold can remain at these depressed levels especially with physical demand so robust in India and internationally," said Mark O'Byrne, executive director at Gold and Silver Investment. See full story.