Daily Gold Update

Source: MarketWatch

New York— Gold futures fell for the first time in three sessions Tuesday, as a surging dollar pressured prices and hopes that the $700 billion rescue plan may be soon passed reduced safe-haven buying. Gold for December delivery ended down $13.60, or 1.5%, at $880.80 an ounce on the Comex division of the New York Mercantile Exchange. The precious metal ended the month up 5.5% but it finish the quarter down 6.1%. Gold has gained 1.7% this year.

Gold surged more than $25 overnight, reaching $920.20, as "the bailout rejection triggered a run" in gold prices and "safe-haven demand continued to flow into the market," said James Moore, analyst at TheBullionDesk.com. "Given the volatility in the equities market and the likely downgrading of U.S. financial assets by the bailout deal, we again expect investors to diversify their portfolios and look favorably upon gold," said Moore. See full story.