Gold News & Info

Source: Marketwatch

San Francisco— Gold futures tumbled almost $18 an ounce Tuesday to close at their lowest level in a week, with traders rushing to lock in gains as the U.S. dollar shrugged off weak home sales data and headed higher for a second session and as oil prices fell below $80 a barrel. Gold for December delivery closed $17.80 lower, down 2.4% to $736.30 an ounce on the New York Mercantile Exchange. The contract touched a low of $730.80 during the session, its weakest intraday level since Sept. 25.

"The action in gold remains focused on the U.S. dollar," said GoldSeek.com analyst Peter Spina. "With the recovery, after recent severe losses, the precious metals complex is taking a breather." Spina said that "during prior bull market legs higher, gold has seen a similar pattern where corrections were quick and severe," followed by a sharp reversal, which remains a potential path for the current market as well. See full story.