Daily Gold Update

Source: Marketwatch

New York— Gold futures rose a buck on Friday in light trading ahead of the holiday weekend, as the bullion posted its worst week in six. Gold for August delivery added $1, or 0.4%, to settle at $1,207.70 an ounce on the Comex division of the New York Mercantile Exchange. Gold seesawed for much of the session, but found firmer footing on the later part.

Bullion lost 4% this week, its second weekly retreat and its biggest one-week loss since the five-day period ended May 21. Silver and copper weekly losses, meanwhile, hovered around 7%. Buyers stepped in to snap gold at bargain prices after prices settled 3.2% lower on Thursday. That was gold's biggest one-day loss since February. "We're not ready to write the epitaph for gold just yet," said James Cordier, a portfolio manager at Optionsellers.com in Tampa, Fla. "Gold was getting into a very crowded space" and the week's correction was a relatively welcomed, he added. See full story.