Daily Gold Update

Source: Marketwatch

New York— Gold closed with a modest loss Friday, but soared more than $40 on the week, as rising inflationary concerns boosted the metal's appeal as an inflation hedge. Gold for April delivery dropped $1.40 to end at $947.80 an ounce on the New York Mercantile Exchange. Gold gained $41.70 this week from last Friday's closing level of $906.10. On Thursday, gold surged to a record high of $958.40 an ounce, boosted by weakness in the dollar and by the metal's appeal as a hedge against inflation.

"Gold is seeing some profits being taken off the table after reaching the new all-time high, but the pullback could be short-lived," said Kevin Kerr, president of Kerrtrade.com and editor of Dow Jones MarketWatch's Global Resources Trader. "Inflation concerns and the ongoing global growth story continue to be very supportive of higher gold prices," Kerr said. "Also the technical support as we reach $1,000 will bring in many new buyers and we could well see $1,200 gold by summer if it continues, especially if more Fed rate cuts are on tap, which the market seems to think is possible." See full story.