Daily Gold Update

Source: MarketWatch

New York— Gold futures ended with a loss Tuesday, as economic data showed consumer confidence hit a record low and housing prices declined sharply. In very thin trading, gold for February delivery dropped $5.30 to end at $870 an ounce on the New York Mercantile Exchange. Gold futures have gained 4% this year.

"U.S. economic conditions continue to be extremely difficult following a disaster in holiday sales, and as economists see perhaps as many as half of the nation's retailers being in serious trouble," said Jon Nadler, senior analyst at Kitco Bullion Dealers, in emailed commentary. Consumer confidence hit a record low in December, according to the monthly Conference Board index reported Tuesday, as worries increased about current business and labor market conditions. The December consumer confidence index fell to 38 from a downwardly revised 44.7 in November. Economists surveyed by MarketWatch had expected a December reading of 45.8. See full story.