Daily Gold Update

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold fell 1%, bouncing off a three-month low near $1,252 as the dollar jumped to a 13-month high ahead of Scotland's referendum on independence from the UK. Reduced tensions in the Ukraine after Friday's ceasefire also cut into the metal's safe-haven appeal, despite reports of sporadic fighting over the weekend.

The euro and British pound tumbled today on growing expectations that Scotland may, indeed, vote to separate from Britain, with recent polls showing a majority in favor of the break for the first time. The uncertainty drove forex traders into dollars, pressuring gold and other commodities denominated in the currency for international trade by making them more expensive to foreign buyers.

The other precious metals were also lower, with silver down 0.7%, platinum 0.8%, and palladium 0.6%. December gold fell $12 to $1,255.30; September silver lost 14 cents to $1,895; October platinum dropped $11.40 to %1,399.60; and December palladium gave up $5.95 to $885.50.