Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures settled lower Friday, weighed down by expectations Egypt�s president may be getting closer to his resignation, a stronger dollar, and a previous session�s rally that left the metal vulnerable to a price correction ahead of the weekend. Copper notched a fresh record high, settling at $4.58 a pound. Platinum settled at its best since July 2008. Gold for April delivery settled $4 lower, or 0.3%, at $1,349 an ounce on the Comex division of the New York Mercantile Exchange. Gold advanced 0.6% on the week.

The metal dipped in and out of positive territory earlier. It took a definite turn for the worse, however, on reports the U.S. government was pressuring Hosni Mubarak to resign. �Some geopolitical risk is coming off based on the reports Mubarak may resign,� said Matt Zeman, a trader at LaSalle Futures Group in Chicago. A stronger dollar and, more broadly, a sense that positive global macroeconomic news may bring a cycle of monetary tightening also made the day tougher for gold, he added. See full story.