Daily Gold Update

Source:Marketwatch

San Francisco— Gold futures closed Tuesday with a loss of almost $18 an ounce, giving back part of last week's gain of almost 3%, as strength in the U.S. dollar lowered the precious metal's investor appeal. Gold for June delivery fell to a low of $922 an ounce on the New York Mercantile Exchange. It finished $17.90, or 1.9%, lower at $907.90. The contract closed out last week at $925.80, up almost $26 from a week earlier.

"Gold was up 3% last week and silver surged nearly 8%, and thus profit-taking would be expected in the early part of this week," said Mark O'Byrne, a director at Gold and Silver Investments Ltd., in emailed comments. Early profit-taking was "subsequently exacerbated by the sell-off in oil and another tentative dollar rally," he said. Gold declined as the dollar extended gains against major rivals Tuesday, building on gains from weak German consumer confidence data earlier. See full story.