Daily Gold Update

Source: Marketwatch

New York— Gold further retreated from record levels Thursday as morning weakness in U.S. equities helped the dollar rebound from a 14-month low against the euro, reducing the precious metal's appeal as a hedge. Gold also fell as some investors questioned whether the metal's recent rally has been overdone, analysts said. Gold has gained in seven of the past 10 sessions and has rallied nearly 20% this year.

Gold futures for October delivery lost $14.10, or 1.3%, to $1,050.60 an ounce on the Comex division of the New York Mercantile Exchange. The more actively traded December contract lost $14.10, or 1.3%, to $1,049.80 an ounce. Holdings in SPDR Gold Trust, the biggest exchange-traded fund backed by physical gold, stood at 1,109.31 metric tons Wednesday, unchanged for a sixth session. See full story.