Daily Gold Update

Source: Marketwatch

New York— Gold futures fell sharply Thursday, pulling back after surging to a record high over $995 an ounce in the previous session, as traders locked in gains. Gold for April delivery dropped $9.90 to $978.60 an ounce on the New York Mercantile Exchange.

"It seems like another instance of the long side paring back positions because of the worries in the equities markets," said Zachary Oxman, a senior trader at Wisdom Financial. "The housing data that just came out is very equity bearish and we saw a huge acceleration in the sale of gold," Oxman said. "I think that it's another case of traders/funds looking to get cash free." See full story.