Daily Gold Update

Source: Marketwatch

New York— Gold futures finished lower on Friday and for the week, as a drop in U.S. consumer sentiment fueled concerns that China will further tighten access to money offset a weaker dollar. Gold for April delivery finished down $6.50, or 0.6%, at $1,101.70 an ounce at the New York Mercantile Exchange. For the week, gold fell 2.4%. The contract earlier had benefited from a weaker dollar and a jump in crude-oil prices after the International Energy Agency raised its global demand forecast and as U.S. retail sales rose more than expected in February.

On Thursday, gold rose 10 cents, playing off a weaker dollar that helped to offset fears China might continue tightening money flows to cool its economy. On Friday, commodities first added to gains after a report that U.S. retail sales rose a better-than-expected 0.3% last month. But a survey from Reuters and the University of Michigan that showed sentiment among consumers unexpectedly fell in March reversed the trend. See full story.