Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures traded at their lowest in roughly three weeks on Tuesday as optimism about the global economy dimmed the metal�s safe-haven appeal and investors migrated mostly to cash. Gold for February delivery fell $44.10, or 3.1%, to settle at $1,378.80 an ounce on the Comex division of the New York Mercantile Exchange. That was gold�s lowest settlement since Dec. 16, when the metal settled at $1,371 an ounce.

�People are shooting first and asking questions later,� said Adam Klopfenstein, senior market strategist with Lind-Waldock in Chicago. The flow of money turned mostly to cash and the dollar, and to a lesser degree bonds, particularly corporate with the asset class�s large offerings on Tuesday. For gold, which advanced 30% in 2010, it was the first �meaningful� selloff in the past few weeks, said Charles Nedoss, a senior market strategist with Olympys Futures also in Chicago. See full story.