Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed lower and copper edged off a record high Wednesday, with metals hampered by low volumes and year-end moves to cash out of rallying metals. Gold for February delivery fell $1.40, or 0.1%, to $1,387.40 an ounce by the close of floor trading on the Comex division of the New York Mercantile Exchange. Earlier it had risen as high as $1,391.70 an ounce. �The market is due for a correction,� said Rich Ilczyszyn, senior market strategist for Lind-Waldock in Chicago.

�If you haven�t got gold on now, you�re probably not buying it here, �til year end you�re probably taking profits, looking to other markets to reposition,� he said. Plus, low volumes magnified any slight shift in sentiment, analysts said. Gold had gained some ground after the U.S. revised its third-quarter growth numbers to show the economy expanded at a 2.6% pace during the period, slightly faster than an earlier estimate, but less than economists expected. See full story.