Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures declined Wednesday, settling at their lowest in nearly three weeks, but trimmed much steeper losses as investors bought on the recent selloff. Gold spent most of the session in the red after a private-sector jobs report showed the U.S. economy adding jobs at a faster clip. Meanwhile, the dollar rose and other commodities prices remained under pressure. But the lower prices piqued some interest. �You have some investors looking to buy this pullback,� said Matt Zeman, a trader at LaSalle Futures Group in Chicago.

Gold for February delivery lost $5.10, or 0.4%, to settle at $1,373.70 an ounce on the Comex division of the New York Mercantile Exchange. That is the lowest settlement for gold since Dec. 16, when the metal closed at $1,371 an ounce. The metal had traded as low as $1,364 an ounce and stayed at a six-week low for most of day�s early trading. Gold got �overextended� as 2010 drew to a close and it has suffered as investors rebalance their portfolio, Zeman said. See full story.