Daily Gold Update

Source: Marketwatch

New York— Gold futures fell sharply Wednesday, coming under pressure as the dollar rose against most other major currencies. Gold for June delivery dropped $16.20 to end at $909 an ounce on the New York Mercantile Exchange. The contract earlier hit an intraday low of $898. On Tuesday, gold futures rose $7.60 to end at $925.20 an ounce.

On the currency markets, the dollar traded higher against the euro, the British pound and the Japanese yen. The dollar index, which tracks the performance of the greenback against a basket of other currencies, gained 0.7% at 71.81. "I think you're seeing downside movement off the back of the stock market, which closed in what appears to be a strong technical stance," said Zachary Oxman, a senior trader at Wisdom Financial. "A bigger influencing factor is the dollar, which needs to be watched as well," Oxman said. See full story.