Daily Gold Update

Source:Marketwatch

San Francisco— Gold futures fell for a second day Wednesday, pushing prices near their lowest levels in almost two weeks as a less-than-expected decline in new orders for U.S.-made durable goods helped provide support for the U.S. dollar. Gold for June delivery lost $7.40, or 0.8%, to close $900.50 on the New York Mercantile Exchange. Earlier, it touched a low of $889, the contract's lowest intraday level since May 15. Much of the trading volume has moved to the August contract. August gold finished the day at $905 an ounce, down $7.80.

A firmer dollar has been adding pressure to commodities prices this week. With a stronger U.S. currency, dollar-denominated commodities, such as crude oil and gold, become more expensive for holders of other currencies. The dollar firmed Wednesday after a report showing orders for durable goods fell a milder-than-expected 0.5% in April. See full story.