Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures settled lower Friday after wavering between small gains and losses most of the session, as a much-anticipated jobs report came in better than expected, but investors remained concerned about a recession in the U.S. economy. Gold for December delivery declined $7.20, or 0.4%, to $1,651.80 an ounce on the Comex division of the New York Mercantile Exchange. Despite the day�s decline, gold posted gains of 1.3% this week, which included settlement and intraday records as fears about a possible recession for the U.S. and the world stoked gold buying as a safe-haven alternative to currencies.

The weekly increase for gold follows gains of 1.9% in the previous five-day period. The broader suite of metals, more closely linked to industrial activity, held on to losses, however. Gold was �fighting� between a flight-to-quality appeal and the belief that central bank officials around the world could hatch economic stimuli �to try to prevent the global economy from falling into a recession,� said Adam Klopfenstein, a senior market strategist with MF Global in Chicago. �Investors may be thinking �I want to go home today a little more long in gold,�� and any drops are unlikely to be significant, he added. �I just don�t think you are going to see a major move down.� See full story.