Daily Gold Update

Source: Marketwatch

New York— Gold futures fell more than $9 per ounce Monday, with a broad decline in commodities led by a tumble in the price of crude oil sending the metal's prices to their lowest level in almost six weeks. Gold for December delivery dropped $9.60 to close at $907.90 an ounce on the New York Mercantile Exchange after trading as low as $903. The contract hasn't seen levels this low since June 25. Prices continued lower in electronic trading on Globex, and were last at $902.40 as of 4 p.m. EDT. Other metals prices also fell sharply, with platinum futures dropping 5.6% on Nymex.

The U.S. dollar edged higher against most other major currencies, but remained in recent narrow ranges as investors await this week's interest-rate decisions from the Federal Reserve, the Bank of England and the European Central Bank. The dollar index, a measure of the greenback against a trade-weighted currency basket, was at 73.49, compared with 73.428 in late North American trading Monday. It strengthened after Commerce Department data showed nominal spending grew 0.6% on the month, but the increase was all due to higher prices, which spiked 0.8%, the most since Hurricane Katrina hit in September 2005. Moreover, inflation's up 4.1% in the past year, the largest rate of growth in 17 years. See full story.