Daily Gold Update

Source: Marketwatch

New York— Gold and most metals futures ended lower Tuesday, leaving behind multimonth highs as investors pared their exposure and other commodities were under pressure. Gold for June delivery, the most active contract, declined $8.80, or 0.8%, to $1,153.40 an ounce on Comex. The contract hit an intraday low of $1,145.40 per ounce. Gold and other metals recouped some losses toward the end of floor trading. "People are lightening up [on gold] after yesterday," said Charles Nedoss, a senior market strategist with Olympus Futures in Chicago. "I still think we're in a very strong uptrend here."

On Monday, gold for June settled at $1,162.20, a fresh four-month high, shaking off early weakness tied to strength in the dollar. Gold futures had a good run in Europe but were derailed in New York as oil and stocks came under pressure, said Bernard Sin, head of currency and metals trading at MKS Finance in Geneva. Long-term prospects for gold are still intact, he added. "The only safe-haven, or at least alternative investment, is gold," Sin said. See full story.