Daily Gold Update

Source: Marketwatch

New York— Gold futures dropped sharply Wednesday, as falling crude-oil prices and a firmer U.S. dollar weighed on demand for the precious metal. Gold for August delivery dropped $25.70 to end at $922.80 an ounce on the New York Mercantile Exchange.

"We seem to be in the midst of a large-scale commodities sell-off," said Zachary Oxman, a senior trader at Wisdom Financial. "Moves down in oil and grains and moves up in the dollar seem to be pushing gold extremely lower here," Oxman said. "The stock market is catching a solid bid, and it feels much like early in February/March when we saw this very thing." See full story.