Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed lower Monday, reversing course as the dollar strengthened modestly, undercutting the early support for the metal. Gold for December delivery lost $2.70, or 0.2%, to $1,202.60 an ounce on the New York Mercantile Exchange. Gold had opened higher, and it hit an intraday high of $1,212.10 an ounce. It fluctuated in thin morning trading, however, before moving more decisively lower.

Besides the dollar, gold is also suffering from a lack of a short-term catalyst, market participants said. Speculative money has migrated elsewhere in commodities, such as grains, leaving gold without an important investor base, said Stephen Platt, an analyst with Archer Financial Services in Chicago. See full story.