Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures fell on Friday, slipping from six-week highs as traders took profits, but losses were limited by continued concern with the euro zone and a mixed bag for U.S. jobs. Gold for December delivery fell $9.40, or 0.5%, to $1,755.70 an ounce. The metal closed the week with a 0.5% gain. Gold also outperformed other metals on Friday, as silver led losses, off 1.2% on the day. �Market participants … are exhibiting fatigue syndrome from what has been a roller-coaster of a string of trading sessions,� said Jon Nadler, a senior analyst at Kitco Metals.

Gold rallied to a six-week best on Thursday, rising along other commodities after the European Central Bank surprised markets by lowering interest rates and U.S. Federal Reserve Chairman Ben Bernanke hinted at fresh measures to support waning growth. The two central banks� use of monetary policy to support growth should weigh on both the euro and the dollar, while supporting gold as an alternative asset, according to Societe Generale analyst Sebastien Galy. �As the ECB cuts and the Fed remains hyper-dovish, it captures our core (foreign-exchange) view pretty simply,� Galy said in a note. See full story.