Daily Gold Update

Source: Marketwatch

New York— Gold prices rose on Friday and ended the week with a modest gain, as a fresh increase in commodities prices rekindled investor interest in the metal as a hedge against inflation. Limiting gold's gains, the U.S. dollar rose against most of its major rivals, putting downward pressure on dollar-denominated gold prices. On the Comex division of the New York Mercantile Exchange, August gold rose $2.10, or 0.2%, to $937.50 an ounce. It rose as high as $939.80 and fell as low as $931.60 during the session. Gold rose 2.7% in the week.

Higher commodities prices coincided with signs of a rebound on the real estate sector. New construction of homes and apartments picked up to the fastest pace in seven months in June, the Commerce Department reported. Housing starts rose 3.6% to a seasonally adjusted annual rate of 582,000, the highest figure November. See full story.