Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures settled lower Friday, a day after ending at a record high, hit by hawkish comments from a U.S. Federal Reserve official and a government report that showed the U.S. economy added jobs at the fastest pace since May. Gold futures for June delivery lost $11, or 0.8%, to $1,428.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold ended at a record of $1,439.90 Thursday. Hawkish comments by Fed officials � however tempered by remarks from William Dudley, president of the Federal Reserve Bank of New York � worked to take the wind out of gold�s sails.

�People are certainly concerned about what the Fed is going to do,� said Walter de Wet, an analyst with Standard Bank in London. Any talk about the end of monetary easing �is going to be perceived negatively for gold. With the unemployment figures, the market has leaned toward that happening sooner rather than later.� Worries about loose monetary policy and currency debasement are one of gold�s main pillars of support as the metal is viewed as the ultimate way to store wealth. See full story.