Daily Gold Update

Source: Marketwatch

New York— Gold futures fell more than 1% Friday, as gains in the U.S. dollar encouraged traders to sell the precious metal. Gold for August delivery dropped $12.70 to end at $958 an ounce on the New York Mercantile Exchange. Earlier, the contract fell to an intraday low of $950 an ounce. "Precious metals saw end-of-week profit-taking," said analysts at Sucden Research.

Gold was little changed on the week; it posted a weekly decline of $2.60 from last Friday's closing level of $960.60 an ounce. "Oil and dollar fluctuation will continue to lend direction to the precious metal in the coming sessions, with the metal vulnerable to bouts of profit-taking," said James Moore, an analyst at TheBullionDesk.com, in a research note. "The background noise of inflation/recession and nervous financial markets still paints a bullish picture for gold in the mid-to-longer term," Moore said. See full story.