Daily Gold Update

Source: MarketWatch

New York— Gold futures fell Tuesday for a third straight session as a stronger dollar reduced the metal's investment appeal and as some investors sold the metal to lock in gains from last week's rally. Gold for April delivery fell $28.70, or 3%, to end at $923.80 an ounce on the Comex division of the New York Mercantile Exchange. It rallied nearly $70 last Thursday but has since fallen $35.

The dollar traded higher against other major currencies Tuesday, with the dollar index up 0.3% at 83.798. A stronger dollar pressures dollar-denominated commodities, such as crude oil and gold, as it makes them more expensive for holders of others currencies. "Given the perceived reduction in demand for safe-haven assets and still strong inflows of scrap metal, gold could look to consolidate back into the previous $890-$940 range," wrote James Moore, an analyst at TheBullionDesk.com. Holdings in SPDR Gold Shares, the biggest gold ETF, stood at 1,114.29 tons Monday, slightly lower than the previous day's record of 1,114.60 tons, according to the latest data from the fund. See full story.