Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed with a nearly $4-an-ounce loss Tuesday, as traders took in profits from a rally in the previous session, which lifted prices near their highest level in two weeks. The U.S. dollar put some modest pressure on gold Tuesday, with the greenback trading in a tight range, though slightly higher against major currency rivals, ahead of Wednesday's Independence Day holiday.

But gold investors mostly ignored data that showed further weakening in the U.S. housing market. Gold for August delivery fell $3.80 to close at $655.40 an ounce on the New York Mercantile Exchange. On Monday, the benchmark contract rallied $8.30 an ounce, up 1.3%, to reclaim its strongest closing level since June 20. See full story.