Daily Gold Update

Source: Marketwatch

New York— Gold futures reversed earlier gains and fell for a fourth session as the greenback rose, putting downward pressure on dollar-denominated gold prices. Falling crude-oil prices also reduced demand for gold as a haven against inflation. Gold for December delivery slid $5, or 0.6%, to close at $803.20 an ounce on the New York Mercantile Exchange. It earlier rose as high as $819.50. Meanwhile, in the stock market, the Dow Jones Industrial Average dropped more than 200 points.

The euro on Thursday fell to its lowest level this year against the U.S. dollar after European Central Bank President Jean-Claude Trichet hinted at problems in the region's economy. The British pound also fell against the dollar. Both the Bank of England and the European Central Bank kept interest rates unchanged. The U.S. currency gained strength after the Institute for Supply Management said services businesses managed to grow in August. See full story.