Daily Gold Update

Source: Marketwatch

New York— Gold futures finished lower Tuesday, having surged to a record earlier in the session, as the market awaited the Federal Reserve's decision on interest rates due Wednesday. Gold for February delivery ended down $2 at $925.10 an ounce on the New York Mercantile Exchange. Earlier, gold futures touched a record $933.30 an ounce in electronic trading.

The main focus remained the Federal Open Market Committee policy-setting meeting, with most still expecting another interest-rate cut Wednesday. "The Federal Reserve's expected [half-percentage-point] interest-rate cut tomorrow, the credit and property bubble implosion and the supply problems in South Africa are helping gold consolidate again near record levels," said Mark O'Byrne, executive director at Gold & Silver Investments Ltd. See full story.