Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed lower Friday, but ended the week with a gain of almost $13 an ounce as overall weakness in the U.S. dollar and strength in oil prices underpinned demand for the precious metal. Gold for August delivery closed at $667.30 an ounce on the New York Mercantile Exchange, down $1 for the session. The contract, however, gained $12.50, or 1.9% for the week after ending last Friday at $654.80.

"Having gold end the week holding its gains is a good signal for next week's trading," said Peter Spina, an analyst at GoldSeek.com. "Upside bias should prevail under continuously strong oil prices and a U.S. dollar hanging on for dear life at the massive support below." See full story.