Daily Gold Update

Source: MarketWatch

New York— Gold futures ended at their lowest level in nearly 11 months Wednesday as the U.S. dollar strengthened, losing ground for an eighth straight session and tying a seven-year record for a string of losses. Gold for December delivery fell $29.50, or 3.7%, to $762.50 an ounce on the Comex division of the New York Mercantile Exchange, the lowest closing level since Oct. 24, 2007. Gold futures also dropped for eight straight sessions in August, the longest losing streak since May 2001. It ended August's trading down nearly $90, the biggest monthly loss ever in dollar terms.

"The precious complex continues to be hard hit by aggressive fund liquidation," said James Moore, analyst at TheBullionDesk.com. "Dollar strength and liquidation in other commodity sectors, primarily energy, remain the main driving force." Market sentiment remains positive toward the dollar amid an ongoing focus on weak euro-zone economic data, analysts said. A stronger dollar tends to add downward pressures on gold as it reduces gold demand as an alternative investment. See full story.