Daily Gold Update

Source: Marketwatch

New York— Gold futures rose Friday, marking their first weekly gain in four as a weaker U.S. dollar and record-low interest rates boosted the metal's investment appeal. The dollar was under renewed pressure Friday after China's central bank reiterated a veiled call to lessen the currency's role as the world's reserve currency. The Federal Reserve said Wednesday its key interest rate will remain near zero "for an extended period." August gold rose $1.50, or 0.2%, to end at $941 an ounce on the Comex division of the New York Mercantile Exchange. It rose to $949 earlier in the session. The June contract, which expires at the end of Friday's trading, gained $1.60, or 0.2%, to $940.70.

Gold prices, as gauged by front-month contracts, rose 0.6%. For the month, it's still down nearly 4%. "The precious metals complex has been trading modestly higher as the dollar lost ground after the Fed announced it would keep rates low," said James Moore, a precious metals analyst at TheBullionDesk.com, in a note. "But given the scale of longs already in place and the slow pace of physical demand, gold is still vulnerable to profit taking short-term and may look to consolidate in the $910 to $950 area before pushing towards $1000 again," he added. See full story.