Daily Gold Update

Source: MarketWatch

New York— Gold futures fell Tuesday for a second straight session, further retreating from $1,000 an ounce to trade near $970, as market analysts cited profit-taking on the precious metal's recent rally. Gold for February delivery last stood at $970.20 an ounce, down $24.80, or 2.4%, in North American electronic trading. It had surged above $1,000 on Friday, the first time for a front-month contract since March 18, 2008. The February contract will expire on Wednesday, with open interest, or the total amount of outstanding contracts, standing at 126,800 ounces as of Monday. Trading more actively, the April contract fell $16.60, or 1.7%, to $978.40 an ounce.

The rally in gold above the $1,000 mark is "showing signs of fatigue," wrote analysts at Action Economics. The action this week indicates "some leverage accounts and short-term players looking to book profits," they told clients. See full story.