Daily Gold Update

Source: MarketWatch

New York— Gold futures moved lower Friday, marking their fourth straight weekly loss, as Citigroup's financial results and improved consumer sentiment reinforced hopes that the economic crisis may have bottomed, making gold less attractive to investors. Gold prices also felt pressure from a stronger dollar, which tends to push dollar-denominated gold prices lower. Meanwhile, holdings in SPDR Gold Shares, the biggest exchange-traded fund backed by gold, fell for the first day in two weeks. Gold for June delivery lost $11.90, or 1.4%, to end at $867.90 an ounce on the Comex division of the New York Mercantile Exchange. It surrendered 1.7% for the week.

In spot trading, the benchmark London afternoon gold-fixing price stood at $870.50 an ounce Friday, down $10, or 1.1%, from the previous day. "Further signs of investor and economic confidence emerged," said James Moore, analyst at TheBullionDesk.com. Financial earnings "gave rise to speculation the worst of the banking crisis is over and perhaps the global recession is easing." See full story.