Daily Gold Update

Source: MarketWatch

New York— Gold futures fell Monday for a second session, ending slightly lower as the U.S. Treasury detailed a plan to help the private sector buy $500 billion worth of toxic assets, boosting investors' confidence and reducing the gold's safe-haven appeal. The Treasury's plan helped U.S. stocks rally, following big gains in Asian and European financials stocks. The U.S. dollar also rose against its major rivals, adding downward pressure on dollar-denominated gold prices.

Gold for April delivery lost $3.70, or 0.4%, to end at $952.50 an ounce on the Comex division of the New York Mercantile Exchange. The loss came after gold ended down 0.3% on Friday. Gold fell "on strong financials stocks and as traders were cautious" after the Treasury announced its plan, said George Gero, a precious metals trader for RBC Capital Markets. The metal had rallied nearly 8% Thursday, a day after the Federal Reserve said it would buy long-term Treasurys. Some investors were selling gold to take profits from the rally, analysts said. See full story.