Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures ended lower Friday, snapping a two-day winning streak as investors shied away from the metal amid a lack of catalysts to spur flight-to-safety buying. Commodities and stocks got an early a boost from a better-than-expected report on the U.S. job market, but that lift was short-lived as traders looked closer at the numbers. Debt downgrades for Italy and Spain brought back fears about Europe�s sovereign-debt crisis, but the news, coming late in gold�s session, failed to boost bullion prices. Gold for December delivery lost $17.40, or 1.1% to $1,635.80 an ounce on the Comex division of the New York Mercantile Exchange. On the week, however, gold gained 0.8%, which snapped a four-week losing streak for the metal.

Other metals ended the day mostly lower, with silver leading losses. Copper bucked the trend, however, ending higher. December silver declined $1.01, or 3.2%, to $30.99 an ounce. On the week, silver rose 3%, also breaking away with losses in the four previous weeks. Gold and most commodities have been trading sideways in recent sessions. �There hasn�t really been a catalyst� to push gold higher, but the lingering concerns about the euro-zone sovereign-debt crisis and a weaker dollar provide a floor for prices, said Matt Zeman, a senior market analyst with Kingsview Financial in Chicago. See full story.