Daily Gold Update

Source: Bloomberg

New York— Gold fell for a fourth straight session, the longest slide since August, amid concern that the dollar will extend a rally, curbing demand for the precious metal as an alternative asset. The dollar rose against a basket of six major currencies, adding to three consecutive advances since Oct. 21, when it touched a 14-month low. Gold, which often moves inversely to the greenback, has dropped 2.7 percent in the past four sessions.

�Gold doesn�t have that much buying interest,� said Matt Zeman, a LaSalle Futures Group Inc. metals trader in Chicago. �The dollar could undergo a wicked short-covering rally, and the gold market needs to look out below.� Gold futures for December delivery fell $7.40, or 0.7 percent, to $1,035.40 an ounce on the Comex division of the New York Mercantile Exchange. The slump was the longest since Aug. 10. The metal has climbed 17 percent this year, reaching a record $1,072 on Oct. 14. See full story.