Daily Gold Update

Source: Marketwatch

New York— Gold futures were lower early on Monday, coming under pressure as the dollar advanced, and with thin volumes affecting trading on the Colombus Day holiday. Gold for December delivery fell $8.50, or 1.1%, to $738.70 an ounce on the New York Mercantile Exchange.

A stronger U.S. currency makes dollar-denominated commodities, such as gold, more expensive. The dollar found support Friday after an upbeat September jobs report eased concerns about a U.S. recession. The strength of the U.S. currency Monday came amid a meeting of European finance ministers, who are trying to apply downward pressure on the euro. The euro has risen to record highs due to a sliding dollar.See full story.