Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures settled lower Friday, keeping under $1,400 an ounce as investors took money off the table ahead of a weekend they fear could bring higher interest rates in China. Gold for February delivery declined $7.90, or 0.6%, to $1,384.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold futures lost 1.5% this week, which follows gains of more the 3% in the previous week. The market feared China may raise interest rates as soon as this weekend, taking away fear of inflation as one key support for higher bullion prices.

China moved up the release of key macroeconomic data, including inflation numbers, to Saturday from Monday. In the past, Chinese authorities have followed that with an interest-rate hike. Silver tracked gold lower, but copper rose after a slew of Chinese macroeconomic data, including copper imports, on Friday showed the country�s economy still powering ahead. The Friday data also added to the concerns of an interest-rate increase is imminent in China. See full story.