Daily Gold Update

Source: MarketWatch

New York— Gold futures fell Wednesday to end near $840 an ounce, echoing losses in U.S. stocks, with falling crude-oil future prices reducing the metal's appeal as a hedge against inflation. Limiting gold's losses, the U.S. dollar fell against its major rivals, increasing the metal's attraction as an alternative to the greenback.

Gold for February delivery ended down $24.30, or 2.8%, at $841.70 an ounce on the Comex division of the New York Mercantile Exchange. The metal had finished last year's trading up for an eighth consecutive year, but it has lost more than $40, or 4.8%, this year. "Nothing is going to move in a straight line," said Tom Dyson, editor and market analyst at DailyWealth.com. "Today we are seeing a little bit of retreat as other commodities and stocks are falling." See full story.