Daily Gold Update

Source: MarketWatch

New York— Gold futures fell Friday, extending losses for the week to more than 3% as the U.S. dollar gained ground against most of its major rivals, reducing the metal's investment appeal. Gold for April delivery retreated $16.70, or 1.8%, to end at $923.20 an ounce on the Comex division of the New York Mercantile Exchange. The contract ended the week down about 3.5%. June gold, which holds the most open interest, or the number of outstanding total contracts, also fell 1.8% to $925.30 an ounce.

In currencies trading, the dollar moved higher against most major rivals as a budget warning from Germany's finance minister pressured the euro. A stronger greenback tends to push down dollar-denominated gold prices, though this pattern hasn't always held true in gold's recent trading. The dollar was under selling pressure recently after the Federal Reserve announced its plan to buy long-term Treasury securities and China's central bank governor raised questions over the greenback as the world's reserve currency. See full story.