Daily Gold Update

Source: Marketwatch

New York— Gold futures dropped sharply on Friday, erasing their strong gains from earlier in the session, as the dollar rebounded and traders rushed to lock in gains. Gold for April delivery fell $14.50 to end at $913.50 an ounce on the New York Mercantile Exchange. Gold declined $2.70 this week from last Friday's closing level of $916.20.

"Gold was due a much needed breather and a correction after the 10% increase in value in January," said Mark O'Byrne, executive director of Gold and Silver Investments Ltd. "Considering the speed of gold's move up in recent weeks it is surprising that gold has only sold off by a small margin today," O'Byrne said. "Compared to the sell-off in equities in recent weeks, gold's sell-off has been orderly and less sharp." See full story.