From Chris Mullen at GoldSeek.com...

Gold Prices fell steadily in Asia and London on Tuesday and plunged even further in New York hitting a low of $724.47 per ounce by 10:45 EST.

The Gold Market then rebounded in the last few hours of trade and ended about $5 above its low with a loss of 2.37% for the session, as the US Dollar index continued to rebound from the new all-time lows hit last Friday as traders took profits from the notable recent drop ahead of the closely watched US jobs report due out this Friday.

The Dow fell while the Nasdaq found small gains as traders digested Monday’s record-breaking highs above 14,000 run and continued to debate whether or not the Fed will cut interest rates.

Pending US Home Sales for August came in 6.5% below July's figure, versus the 2.0% drop forecast by Wall Street. Treasuries rose and interest rates fell in reaction, with the Pending Home Sales marking its poorest reading in history.

Wednesday at 10:00 EST brings the ISM Services report for September expected at 55.0.

Silver fell to as low as $13.05 before it rebounded about 2% off that low in the last few hours of trade, but it still ended with a loss of 2.78%.

Gold Priced in Euros fell to €516, platinum lost $41 to $1341 and palladium lost $10 to $346, but copper held strong at about $3.73 with news of a strike in Peru keeping prices supported.

Gold and silver mining equities fell over 4% by midmorning before they rebounded for the rest of trade, but they still closed with more than 3% losses.

Oil fell as Colorado State University downgraded its hurricane forecast, but losses were cut to minimal by the close as traders started paying attention to developing tropical storm Noel.

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