Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures settled at their lowest level in a week Friday as Greece debt fears resurfaced, pulling the euro lower and boosting the dollar. Gold for June delivery lost $13.20, or 0.9%, to $1,493.60 an ounce on the Comex division of the New York Mercantile Exchange, its lowest settlement since May 6. Gold was under water for most of Friday�s floor trading, but clung to a weekly gain of 0.1%. �We�ve been pushed back and forth by the dollar,� said Frank Lesh, a broker and analyst with FuturesPath Trading in Chicago. With the lack of market-moving headlines and in light of last week�s rout, metals are likely to spend some time in consolidation mode, he added.

Silver for July delivery declined 22 cents, or 0.6%, to $35.01 an ounce. Silver lost 0.8% this week. Last Friday, the metal posted its steepest weekly decline in three decades. Since hitting almost $50 an ounce last month, silver prices have dropped sharply, but the pace of the retreat has eased over the past two days. �This recent price correction doesn�t change the basic fundamentals, which include good demand for silver to make coins in a number of countries,� said Terry Hanlon, president of precious-metals firm Dillon Gage Metals. See full story.