Daily Gold Update

Source: Marketwatch

New York— Gold futures ended lower on Friday, extending their drop from the previous session, even as the dollar traded lower against other major currencies. Gold for June delivery fell $4.80 to end at $927 an ounce on the New York Mercantile Exchange. However, gold posted a gain of $13.80 on the week from last Friday's closing level of $913.20 an ounce.

Jon Nadler, senior analyst at Kitco Bullion Dealers, attributed today's losses to "book-squaring" before the gathering of Group of Seven finance ministers and central bankers. "The meeting is seen as a possible risk event, thus mild liquidation is being seen," Nadler said. Efforts to resolve the credit crisis will be a top priority for the G7 industrial nations as they gather in Washington on Friday. "The credit crisis is a much more salient issue for policy makers than the U.S. dollar," said Marc Chandler, head of currency strategy at Brown Brothers Harriman. See full story.