Daily Gold Update

Source: MarketWatch

New York— Gold futures fell Monday for a second session as the U.S. dollar rose against its major rivals, reducing the metal's appeal as an investment alternative. Earlier, gold rose as a tumble in the stock market and fresh bankruptcy talk in the auto sector heightened the metal's attraction as an asset that holds value in tough times. On the Comex division of the New York Mercantile Exchange, gold for April delivery fell $7.70, or 0.8%, to end at $915.50 an ounce. June gold, with a larger number of outstanding total contracts, fell $7.60, or 0.8%, to $917.70 an ounce.

In currencies trading, the U.S. dollar strengthened as investors fled equity markets amid renewed fears over the auto sector. A stronger greenback tends to push down dollar-denominated gold prices, though this pattern hasn't always held true in gold's recent trading. Gold declined as "the metal resumed its traditional inverse relationship with the dollar while pockets of month-end book squaring emerged," said James Moore, a precious metals analyst at TheBullionDesk.com. See full story.