Daily Gold Update

Source: Marketwatch

New York— Gold futures extended their losses Tuesday, closing under $800 an ounce for the first time since Nov. 1, as traders continued to book profit amid a sharp decline in crude-oil prices. Gold for December delivery fell $8.70 to end at $799 an ounce on the New York Mercantile Exchange. Earlier, the contract hit an intraday low of $795.70.

"Gold seems to be following crude lower at this point, as the long-side trades in both markets are in the process of being liquidated," said Zachary Oxman, a senior trader at Wisdom Financial. "Technically, gold has broken through some near-term support, and I think it will find more buying around the $770 to $780 level," Oxman said. "Long term, I definitely see gold higher, as well as silver, against a dollar that should continue to weaken." See full story.