Daily Gold Update

Source: Marketwatch

New York— Gold futures fell Tuesday to the lowest level in seven weeks as upbeat home-sales data in the U.S. lifted the dollar, reducing the metal's investment appeal. Also moving gold prices, data showed the U.S. economy grew in the third quarter at a slower pace than economists anticipated. The lower revision, however, came on the back of slimmer business inventories, lifting expectations for future growth. On the Comex division of the New York Mercantile Exchange, gold for December delivery lost $9.40, or 0.9%, to $1,086 an ounce, the lowest settlement since Nov. 3. It dropped to $1,068 earlier. The February contract, the most actively traded, ended at $1,086.70.

"Gold reacted to the dollar and the GDP data," said George Gero, a precious-metals trader for RBC Capital Markets. "It's also off on year-end exits." In currencies trading, the dollar remained higher against most of its major rivals, although it has come off from earlier highs. The dollar index was last up 0.2% at 78.162. See full story.