Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures ended modestly higher Friday, recouping some of their recent losses as investors spent the day split between a dash for cash and rush for the relative safety of the precious metal but decided on the latter as closing approached. Gold seesawed during the session but in the end investors chose to enter the weekend with some of the metal in their portfolios. Gold for December delivery rose $4.90, or 0.3%, to $1,725.10 an ounce on the Comex division of the New York Mercantile Exchange. That brought weekly losses to 3.5%, snapping a three-week winning run for the metal.

Gold was under pressure for mos of the day as many large funds have been selling positions in gold and other commodities, said Frank Lesh, a broker and futures analyst with FuturePath Trading in Chicago. The funds looked at gold till the end of the year �and saw much more risk than they saw reward,� Lesh said. Support was coming from some safe-haven buying ahead of the weekend, he added. The U.S. stock market moved higher as it approached closing time but issues surrounding the euro zone�s sovereign-debt crisis remained. See full story.