Daily Gold Update

Source: Marketwatch

New York— Gold futures traded higher on Friday, as European leaders vowed to support the euro, which pushed the dollar lower, and after a key gauge of U.S. consumer confidence fell. Gold for August added $9.20, or 0.6%, to $1,539.10 an ounce on the Comex division of the New York Mercantile Exchange. On the week, gold gained 0.6%. Silver for July delivery overcame intermittent weakness to settle higher, adding 19 cents to end at $35.75 an ounce. On the week, however, silver lost 1.6%.

Gold is stuck to a range between $1,500 and $1,550 an ounce, but its long-term prospects are intact, said Frank Lesh, a broker and futures analyst with FuturePath Trading in Chicago. �We still don�t know what the market is going to look like at the end of (the second round of quantitative easing), and we�re not there yet,� Lesh said. The gold market �is divided between the negative impact of a weak (euro) and tightening (emerging-markets) monetary policies and the bullish effect of elevated sovereign risk and lower U.S. yields, wrote James Steel, an analyst with HSBC in New York, wrote in a note to clients. See full story.