Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures fell Thursday, dropping below $1,800 an ounce for the first time since late August after the European Central Bank announced a coordinated action with other central banks to increase dollar funding to banks. The action, against a backdrop of soaring European government bond yields and increased difficulty among some European institutions to get dollar loans, caused stocks to rally and Treasurys and the U.S. dollar to fall. Gold for December delivery fell $45.10, or 2.5%, to $1,781.40 an ounce on the Comex division of the New York Mercantile Exchange.

It was gold�s first settlement under $1,800 since Aug. 29, and the lowest since Aug. 25. It was also the fourth time in three weeks that futures lost more than $45 a session. Gold had traded lower for the European and Asian trading sessions but moved sharply lower about an hour before the start of U.S. stock trading. Some investors had come to gold in recent sessions to bet �on Greece leaving the euro zone … and the chaos it would cause,� said James Cordier, a portfolio manager at Optionsellers.com in Florida. �In the last 24 hours, that is completely off the table.� See full story.