Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures fell more than $5 an ounce Thursday to tally a loss of almost 5% in five sessions as the dollar gained against other major currencies, dulling demand for the precious metal. Gold for December delivery fell $5.10 to close at $877.90 an ounce on the New York Mercantile Exchange. On Wednesday, the benchmark gold contract dropped $3.10 an ounce, and prices have tallied a loss of $44.80, or 4.9%, from the close of $922.70 on July 31.

The dollar gained on the euro Thursday, after the European Central Bank held policy steady and hinted that no more interest rate hikes are coming for a while. Fears of a significant euro-zone slowdown, if not a recession, are beginning to trump the European Central Bank's worries about upside inflation risks, economists and traders said, following the ECB's widely expected decision to leave its key rate unchanged at 4.25%. See full story.