Daily Gold Update

Source: MarketWatch

New York— Gold futures erased their early gains to finish marginally lower Friday, as nervousness prevailed ahead of next week's Federal Reserve decision on interest rates. Gold for December delivery closed down 10 cents at $717.80 an ounce on New York Mercantile Exchange. Gold had hit an intraday high of $726.50 earlier in the session. Despite the modest decline on Friday, gold posted a gain of $8.10 on the week.

Gold's decline resulted from "long liquidation ahead of the Fed figures," said Zachary Oxman, a senior trader at Wisdom Financial. "The markets seem hesitant to take a definitive direction one way or another before next week's meeting, being one of the most pivotal and anticipated Fed meetings in recent memory," Oxman said. See full story.