Daily Gold Update

Source: MarketWatch

San Francisco— Gold futures marked their first gain in three sessions Friday, climbing more than $4 for the day to score a gain for the week as growing concerns over terrorist activity and strength in oil prices boosted the metal's appeal as an investment hedge, eclipsing mixed trading in the U.S. dollar. Gold for August delivery closed up $4.20 at $654.80 an ounce on the New York Mercantile Exchange. The contract lost a total of $8.60 an ounce in the past two trading sessions, but it finished the week $3.90 above the $650.90 level at which it closed a week ago.

"The combination of a weak U.S. currency and oil near $73 is a powerful combination to drive gold higher, among other factors at work," said Peter Spina, an analyst at GoldSeek.com, in e-mailed comments. See full story.