Daily Gold Update

Source: MarketWatch

New York— Gold futures closed higher Friday, ending the week's trading up for the first time in a month, after a jump in U.S. job losses weighed on the greenback. The U.S. dollar fell against the euro and the British pound after the Labor Department reported the U.S. economy lost 240,000 jobs in October, compared with a 210,000 loss expected by economists. Dollar-denominated gold prices and the U.S. currency tend to move in the opposite direction.

Gold for December delivery rose for the first time in three sessions, up $2, or 0.3%, to end at $734.20 an ounce on the Comex division of the New York Mercantile Exchange. It advanced to $744.90 earlier. Gold ended the week up 2.2%, gaining for the first week since Oct. 10. While the dollar's latest strength has been impressive, it "will again come under pressure once this period of massive global deleveraging is over," said Mark O'Byrne, executive director at Gold and Silver Investments. See full story.