Daily Gold Update

Source: Marketwatch

New York— Gold futures sank nearly 2% on Tuesday, as falling crude-oil prices and firming in the U.S. dollar prompted traders in the metals pits to sell. Gold for December delivery declined $12.50 to end at $814.0 an ounce on the New York Mercantile Exchange. It earlier touched a low of $808 in regular trading.

"Gold seems to be falling [due] to some technical pressure today," said Zachary Oxman, a senior trader at Wisdom Financial. "I see near-term support at $805, which seems to be dragging the trade lower today…. You are also seeing additional selling from worries over credit issues in the U.S. as well as further impact from the housing downturn and higher gas prices," Oxman said in emailed comments. See full story.