Daily Gold Update

Source: MarketWatch

New York— Gold futures fell below $900 an ounce Monday as expectations that the U.S. will pass stimulus and bank-aid plans reduced safe-haven buying. Other metals also fell. Some investors sold gold to take profits after the metal rose more than $20 in the previous three sessions, analysts said. Gold for February delivery fell down $21.50, or 2.4%, to close at $892.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold maintained a supportive tone, but did succumb to profit taking," said analysts at Action Economics. "Momentum was limited as the market awaited the outcome of the U.S. stimulus package." Developments over the weekend pointed toward Tuesday being the decisive day for both the stimulus and bank debt plan. The Senate is looking to cut off debate Monday, which would lead to a vote on the stimulus bill on Tuesday. See full story.