Daily Gold Update

Source:Marketwatch

New York— Gold futures closed sharply lower Thursday, coming under pressure as the dollar rose against other major currencies and oil prices declined. Gold for June delivery dropped $10.30 to end at $918.30 an ounce on the New York Mercantile Exchange.

"The strong dollar, weak crude and a possible over-reaction to the Fed minutes yesterday seem to be driving gold lower," said Zachary Oxman, a senior trader at Wisdom Financial. "Until we cross and close above the $940 level, we'll remain range-bound between $900 and $940," Oxman said. Federal Reserve officials have lost their appetite for more interest-rate cuts, even if the economy sinks into recession, according to the minutes of their last policy meeting released Wednesday. See full story.