Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures fell more than $11 an ounce Tuesday to close at their lowest level in more than one month, as easing oil prices and a stronger U.S. dollar left traders inclined to sell the precious metal. Gold for August delivery dropped $11.20, or 1.2%, to finish the session at $916.50 an ounce on the New York Mercantile Exchange, after trading as low as $913.80 earlier. The contract marked its lowest closing and intraday levels on the exchange since June 26.

"Strength in the dollar and rotation into equities seems to be spurring the downside movement today in commodities," said Zachary Oxman, a senior trader at Wisdom Financial. "We're seeing another wave of liquidation in commodities and bonds in favor of equities as it seems that people are bottom-fishing here on better-than-expected economic news," Oxman said. See full story.