Daily Gold Update

Source: Marketwatch

New York— Gold prices slid for a third straight day Friday, with investors drawn to equities and other investments seen most likely to benefit from global growth, after Chinese trade data and an oil demand forecast burnished the outlook for the international economy. Rising stocks and energy prices reduced the demand for the precious metal as an alternative investment. By the close of floor trading on the New York Mercantile Exchange, gold for December delivery had lost $4.40, or 0.4%, to $1,246.50 an ounce.

The contract had fallen as low as $1.237.90 an ounce before U.S. stock markets opened, falling further from a new record closing high touched Tuesday. For the week, the most-active gold contract has lost 0.4%. "The price of gold slipped on profit-taking and a lessening of risk aversion as the dollar and the euro firmed," said John Stoltzfus, a senior market strategist at Ticonderoga Securities. See full story.