Daily Gold Update

Source: Marketwatch

New York— Gold on Friday trimmed weekly gains, with jewelry industry buyers and exchange-traded funds on the sidelines one day after the precious metal hit a six-week high. "The yellow metal and the greenback have been executing a close tango for the past couple of weeks now, and weakness in the latter has translated into persistent bumping-ups against the $957 resistance area in the former," wrote Kitco Metals analyst Jon Nadler. On the Comex division of the New York Mercantile Exchange, the contract for August delivery fell $1.70, or 0.2%, to finish at $953.10 an ounce, leaving the metal with a weekly gain of 1.6%.

The U.S. Dollar index, which tracks the greenback against a trade-weighted basket of major currencies, stood at 78.757, mildly higher than the 78.821 seen in late trading Thursday in New York. Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by gold, have fallen in recent days, standing at 1,086.61 metric tons on Thursday as opposed to 1,094.54 metric tons as the week began, according to the latest data from the fund. See full story.