Daily Gold Update

Source: Marketwatch

New York— Gold futures fell below $940 an ounce Tuesday for the first time in more than a week, pacing losses in broad commodities as regulators started a series of hearings on limiting speculations in commodities trading. Also weighing on gold prices, crude oil fell and the U.S. dollar strengthened after data showed a second consecutive drop in consumer confidence in July. Falling oil and a stronger dollar reduce the metal's appeal as a hedge against potential inflation and a weaker currency.

On the Comex division of the New York Mercantile Exchange, August gold futures fell $14.40, or 1.5%, to $939.10 an ounce, ending below $940 an ounce for the first session since July 17. Holdings in the SPDR Gold Trust, the biggest gold ETF, stood at 1,086.61 metric tons as of Monday, down more than 40 metric tons from a month ago. The fund's holdings haven't seen significant increases in nearly two months. See full story.