Daily Gold Update

Source: MarketWatch

New York— Gold futures fell Tuesday for a second session, closing below $900 an ounce as traders continued to sell the metal and take profit from gold's recent rallies that had sent it to the highest in six months. Gold for February delivery closed down $14.70, or 1.6%, at $892 an ounce on the Comex division of the New York Mercantile Exchange. It ended at $927.30 an ounce Friday, the highest closing level in six months for a front-month contract.

"Gold prices are moving like the waves on the sea shore with today seeing an ebb in prices," said Julian Phillips, editor at GoldForecaster.com Trading more actively, gold for March delivery also fell, down 1.6% to $892.50 an ounce. "Gold was overbought technically. Traders have had very places to make money from the long side and it came time to take something off the table in gold," said Peter Grandich, a metals writer at Agoracom, an online marketplace for the small-cap investment community. See full story.