Daily Gold Update

Source:MarketWatch

San Francisco— Gold futures lost more than $15 an ounce Tuesday to mark their lowest closing level in more than a week as the U.S. dollar rose against other major currencies, hurting investment demand for the precious metal.

"With gold having difficulty sustaining the recent rally, it succumbed to further profit taking when the dollar continued its recent rally (against the euro)," said Mark O'Byrne, executive director at Gold and Silver Investments Ltd. "This, despite the litany of bad financial news today and in recent days, may indicate that there may be a need for further consolidation prior to re-challenging the psychological $900 barrier in the near future," he said in emailed comments. But "with oil prices remaining well bid near record levels in the $120s and inflation pressures growing, it is hard to see how gold will remain below $900 for too long," he said. See full story.