Daily Gold Update

Source: MarketWatch

New York— Gold futures rose Friday, marking their first week of gains in five, boosted by news that China has nearly doubled its gold reserves since 2003 to the world's fifth largest. Copper slumped 6.5% this week on economic fears. China has increased its gold reserves by 76% in six years to 1,054 tons, the official Xinhua News Agency reported, citing the head of the State Administration of Foreign Exchange. The country has now the fifth- largest gold stockpile by country, behind Italy's 2,451.8 tons, according to data compiled by the World Gold Council.

"Gold has been given a further boost on the back of the China reserve news," said James Moore, an analyst at TheBullionDesk.com. "But the metal now needs to clear trend-line resistance around $916 to confirm the return of more bullish sentiment and target the $940 area." Gold for June delivery gained $7.50, or 0.8%, to end at $914.10 an ounce on the Comex division of the New York Mercantile Exchange. It ended the week up 5.3%, the first weekly gain since the week ended March 27. See full story.