Daily Gold Update

Source: MarketWatch

New York— Gold futures fell for a third straight session on Friday, ending the week down for the first time in five weeks, as investors ratcheted up selling in the face of a stronger U.S. dollar and easing inflation worries. The dollar rose against its major rivals despite a worse-than-expected jobs report in the U.S. Tumbling crude prices, falling to the lowest level in four years, also put downward pressure on gold, as lower oil prices reduce gold's appeal as a hedge against inflation.

Gold for February delivery, the most active contract, fell $13.30, or 1.7%, to end at $752.20 an ounce on the Comex division of the New York Mercantile Exchange. It moved to as low as $741.20 earlier. The contract finished the week down 8.2%, the first weekly loss since the week ended Oct. 31. The December contract, which expires on Dec. 29, closed down at $750.50. Open interest, or the number of outstanding contracts for December, stood at 1,557 as of Friday, or 155,700 ounces, according to Comex data. See full story.