Daily Gold Update

Source: MarketWatch

New York— Gold futures fell Monday for the first session in four as rising global equities and crude-oil futures reduced the metal's investment appeal. U.S. stocks followed gains in Europe and Asia as investors reacted to the Group of 20's weekend promise to restore bank lending. Federal Reserve Chairman Ben Bernanke's remarks on the CBS network's "60 Minutes" also boosted stocks.

Gold for April delivery, the most active contract, fell $8.10, or 0.9%, to end at $922 an ounce on the Comex division of the New York Mercantile Exchange. Gold had gained 3.8% over the previous three sessions, but the benchmark contract fell 1.5% on the week. G20 officials pledged Saturday to pull the global economy out of a steep downturn by focusing on efforts to restore bank lending, strengthen financial regulations and boost funding of the International Monetary Fund. Gold's losses came despite another surge in demand from exchange-traded funds. Holdings in the SPDR Gold Shares, the biggest gold ETF, hit a new high of 1,056.80 tons on Friday, up 15.29 tons from the prior day, according to the latest data from the fund.See full story.