Daily Gold Update

Source: Marketwatch

New York— Gold futures ended below $1,200 an ounce on Monday as the dollar rose and investors seemed to be in no hurry to snap up bullion, even at recent bargain prices. Gold for August delivery retreated $11.10, or 0.9%, to $1,198.70 an ounce on the Comex division of the New York Mercantile Exchange. The contract hit an intraday low of $1,196.10, according to FactSet Research. Gold's immediate direction may hinge on the stock market, said Adam Klopfenstein, a senior strategist with Lind-Waldock in Chicago.

"If Alcoa disappoints, that's probably going to be the spark pulling gold higher," he said. Quarterly results for aluminum producer Alcoa Inc. unofficially kick off earnings season at the market's close Monday. More of an immediate concern was a strengthening dollar. The dollar index /quotes/comstock/11j!i:dxy0 (DXY 84.22, +0.27, +0.32%) , which measures the U.S. unit against a basket of six major currencies, rose 0.4% to 84.26. Gold rose 1.2% Friday, closing at $1,209.80 an ounce after having ended below $1,200 in the past three sessions. Friday's performance assured bullion of a modest 0.2% rise on the shortened holiday week. See full story.