Daily Gold Update

Source: MarketWatch

San Francisco— Gold futures dropped below $700 an ounce Thursday in New York for the first time in three weeks, extending their losing streak to three sessions as recent weakness in the U.S. stock market prompted investors to take more money off the investment table. But prices for the precious metal reversed course in electronic trading as the Dow Jones Industrial Average regained some lost ground. The index on Thursday touched a low below 8,000 for the first time since Oct. 10 and it's fallen for three days in a row.

December gold climbed to $711.40 an ounce on Globex as of 2 p.m. EST, after closing at $705 an ounce, down $13.30, or 1.9%, on the Comex division of the New York Mercantile Exchange. Earlier, the contract touched a low of $698.20 an ounce in electronic trading on Globex, marking its first decline below $700 since Oct. 23. And gold prices tallied a loss of more than $41 an ounce during a losing streak that's so far spanned three-straight sessions. See full story.