Daily Gold Update

Source: MarketWatch

— Gold futures fell sharply on Friday, as traders locked in gains following the metal's strong rally in recent days. Gold for February delivery fell $9.50, or 1%, to $859.60 an ounce on the New York Mercantile Exchange. On Thursday, gold futures surged $9.10 to end at $869.10 an ounce, a fresh 28-year high, adding to a $22-an-ounce rally on Wednesday. The record high for Nymex gold futures was $875, set on Jan. 21, 1980.

"Given the recent price surge, gold is vulnerable to a profit-taking correction," said James Moore, an analyst at TheBullionDesk.com. Still, the outlook remains bullish for the precious metal, he said. "With no improvement in the volatile geopolitical backdrop and the likelihood of further dollar weakness, we remain bullish toward gold and expect a push towards $900 an ounce in the coming sessions," Moore said in a research note. See full story.