Daily Gold Update

Source: Marketwatch

New York— Gold futures fell Thursday for the first session in the past five as jitters that China may raise interest rates and cut global growth pressured commodities and lifted the dollar, reducing the metal's investment appeal. Crude-oil futures fell for the first time in 11 days, dropping from their highest level in nearly 15 months. Falling oil prices lessen the perceived threat of inflation. The People's Bank of China made a move that fueled fears interest rates could rise soon. The dollar also rose against the yen after Japan's newly appointed top finance official talked down his country's currency.

On the Comex division of the New York Mercantile Exchange, gold for February delivery lost $2.80, or 0.2%, to $1,133.70 an ounce. It gained $44, or 4%, over the previous four days. Holdings in SPDR Gold Trust, the biggest gold exchange-traded fund, continued to decline, falling to 1,123.87 metric tons as of Wednesday, down 4.88 metric tons from the previous day. "The small dollar rally and recent run-up made new buyers reluctant to pay higher prices," said George Gero, a precious-metals trader for RBC Capital Markets. "There is also profit- taking as we approach tomorrow's jobs report." See full story.