Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed slightly lower Friday, ending their five-session winning streak after U.S. data on consumer sentiment and spending came in better than expected, but prices finished the week with a gain of 6.8%. Gold for December delivery shed 50 cents, or 0.03%, to settle at $1,747.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold saw some support �in front of the weekend due to uncertainty of what headlines could be when Monday rolls around,� said Darin Newsom, a senior analyst at Telvent DTN.

A gauge of consumer sentiment rose to 60.9 in the final reading for October, compared with a preliminary reading of 57.5, according to Friday reports on the data from Thomson Reuters/University of Michigan. Economists polled by MarketWatch had expected a slight gain to 58. Also Friday, government data showed U.S. consumers saved less and spent more in September. Personal income rose 0.1%, and consumer spending jumped 0.6%, the Commerce Department said. �Still, [there are] plenty of concerns over global and domestic economies to keep the [gold] market supported,� said Newsom. See full story.