Daily Gold Update

Source: Marketwatch

New York— Gold edged higher on Friday, losing some steam as the session progressed but keeping a sizeable weekly gain as investors worried about the U.S. employment picture and the dollar remained under pressure. Gold futures for December delivery, the most actively traded contract, gained $6, or 0.5%, to $1,205.30 an ounce on the Comex division of the New York Mercantile Exchange. It hit an intraday high of $1,213.30 an ounce. Other metals more closely tied to economic activity and industrial uses closed lower on Friday, but silver tracked gold higher.

Gold gained 1.8% on the week, its first positive week after four straight losing periods and only the second weekly gain in seven. Gold lost 5% in July, its worst month since December. The dollar index, which compares the greenback against a basket of six currencies, dropped to 80.39, down from 80.81 in late North American trading Thursday but off its lows for the day. See full story.