Daily Gold Update

Source: Marketwatch

New York— Gold futures edged lower Friday for the first day in four, after rallying near $1,000 an ounce in the previous session, as a jobs report that fell largely in line with expectations curbed gold's safe-haven appeal. Despite Friday's small loss, gold futures marked their best week in more than four months, largely due to gains in the previous two sessions. Holdings in the biggest gold exchange-traded fund rose the most in three months on Thursday.

December gold futures, the most active contract, slid $1 to end at $996.70 an ounce on the Comex division of the New York Mercantile Exchange. The contract ended the week up 4%, the best weekly record for a futures contract since April 24. The London afternoon fixing, a global gold benchmark, stood at $989 Friday, the highest level since Feb. 20. The benchmark ended the week up 3.5%, also the biggest weekly gain since April. "Over the last few days gold has begun to trade as an asset class of its own," said Brian Kelly, chief executive officer of Kanundrum Research, a commodities and macroeconomic research firm. See full story.