Daily Gold Update

Source: Marketwatch

New York— Gold futures fell sharply on Monday after losing more than $47 in the previous week, as the dollar traded slightly higher against most of its major rivals. Gold for December delivery dropped $9 to finish at $778 an ounce on the New York Mercantile Exchange. Last week, gold futures declined $47.70.

"A confluence of events" drove gold prices lower, said Zachary Oxman, a senior trader at Wisdom Financial. "First, the market is coming off in a big way, which I see spilling over into the gold trade," Oxman said. "Second, I see traders lightening up positions ahead of the closed market Thursday and half day Friday…. The trend seems to be money flows into the interest rates both in the U.S. and around the world," he said. "The yield curve domestically as well as bunds and bobls in the U.K. are all seeing definitive strength today." Bunds refer to the German government's federal bonds. See full story.