MW: Gold heads for five-session loss; oil retreats
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- Gold futures fell Wednesday, headed for their fifth losing session in a row as crude oil futures inched lower, pulling back after a six-session gain of more than 8%. Gold for February delivery GC2G -0.89% was down $16, or 1%, at $1,579.50 an ounce on the Comex division of the New York Mercantile Exchange. Prices have already lost 1.4% over the past four sessions. February crude oil CL2G -0.84% traded at $100.51 a barrel on Nymex, down 83 cents, or 0.8%. For oil, "right now it is all about Iran," and its threat to block oil shipments through the Strait of Hormuz, said Michael Fitzpatrick, editor in chief of the Kilduff Report. But "be extremely cautious in deciding to ride the back of this tiger; getting thrown off could mean getting eaten."
