Daily Gold Update

Source:Marketwatch

New York— Gold futures ended lower for the fourth consecutive session on Friday, as investors dumped the metal likely to raise cash for their other souring investments. Gold for June delivery dropped $12.50, or 1%, to $1,176.10 an ounce on the Comex division of the New York Mercantile Exchange. It had pared some losses in midsession, but resumed a steeper fall as the end of floor trading approached. "We maintain a positive view on gold given longer-term investor interest remains strong; however, in the near term profit taking and margin requirements given elevated speculative interest could result in a deeper correction," they said in a note to clients Friday.

Gold losses carried declining sessions that have left prices at lows last seen early this month. Gold prices shed 4.2% this week, as profit-taking followed gold's advance to the record high of $1,243.10 on May 12. On Thursday, the contract settled down $4.50, or 0.4%, at $1.188.60 an ounce. Gold traded within a tight range this week and any sustained gains for equities could spur more profit-taking and selling, said Walter de Wet, a commodity analyst with Standard Bank in London. The fundamentals for gold are still positive, however, he said. "I don't see it falling dramatically" even if a correction ensues, said de Wet, who has a year-end price target of $1,300 an ounce for gold. See full story.