Gold Takes Cues From Stronger Dollar To Finish Lower

By MarketWatch Pulse

The dog days of summer may already be upon gold prices. Gold futures for December delivery, the most actively traded contract finished down $5.70, or 0.5%, to $1,089.40 an ounce, continuing a drop in the precious metal from July. Gold succumbed to the pressure of a stronger U.S. dollar , which was weighing on the dollar-denominated yellow metal even as U.S. stocks , with the Dow down as much as 180 points, or 1%, in afternoon trade. Falling stock prices should elicit haven buying in gold but moves in the dollar, which can reduce the appeal of the commodity to buyers in other currencies, may be outweighing any safety buying.

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