Gold for February delivery settled down $5.10 to $1,373.17 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,385.20 and as low as $1,364 during Wednesday's session.
The U.S. dollar index was rising 1.07% to $80.28 while the euro was retreating 1.12% to $1.31 vs. the dollar. The spot gold price was losing $8.20, according to Kitco's gold index.
Gold prices had a painful day on Tuesday and the weakness continued Wednesday. In total, the yellow metal shed almost $50 as profit-takers and sell-stops deepened the sell-off.
The trading has been driven by a stronger dollar and better-than-expected economic data moving investors away from commodities and into stocks as well as money managers and hedge funds locking in 2010 gains.
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