Despite a weak U.S. dollar, gold futures posted a slight loss on the day, as many traders chose to take some profits off the table following the recent run higher in the malleable metal. Gold for December delivery finished down 50 cents at $738.80 an ounce, but rebounded from an intraday low of $729.20. The declining dollar did help buoy gold on the session, as the U.S. currency hit a new historical low against the euro following weak housing data and worse-than-expected consumer confidence data.
Meanwhile, gold-related indices are also lower on the day. At last check, the Philadelphia Gold and Silver Index (XAU) was lower by 1.7%, while the CBOE Gold Index (GOX) was off 1.4%. The Amex Gold BUGS Index (HUI) was off 1.26%.