Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures rallied past $735 an ounce in electronic trading late Tuesday to touch their highest level since 1980 following the Federal Reserve's decision to cut the benchmark federal funds rate for the first time in more than four years. Gold for December delivery traded as high as $735.50 an ounce in electronic trading by late Tuesday afternoon after the Fed announcement. The contract had closed out the regular New York Mercantile Exchange session at $723.70, down 10 cents.

"Following the Fed announcement, December gold moved through resistance at $730 and is now poised to extend its rally toward $790," said Darin Newsom, a senior analyst at DTN. See full story.