Gold News & Info

Source: Marketwatch

New York— Gold futures ended lower on Wednesday, as the U.S. dollar's gains against other major currencies lowered demand for the precious metal. Gold for February delivery dropped $3.90 to finish at $803.70 an ounce on the New York Mercantile Exchange. Earlier, gold hit an intraday low of $798.

"A double dose of positive U.S. economic news pumped up the dollar this morning and pulled gold back swiftly to under $800 once again," said Jon Nadler, an analyst at Kitco Bullion Dealers, in a research note. The dollar rose against major counterparts, after upbeat U.S. economic data calmed fears of a looming recession and led many investors to believe the U.S. Federal Reserve won't decide on the 50-basis point interest rate cut next week that some had begun expecting. See full story.