Daily Gold Update

Source: Marketwatch

New York— Gold futures fell hard Friday, tracking other assets after a drop in consumer sentiment battered stocks and a report showing benign inflation for June offset gold buying on inflation fears. Gold for August delivery lost $20.10, or 1.7%, to $1,188.20 an ounce on the Comex division of the New York Mercantile Exchange. It was gold's largest one-day drop since July 1, and the lowest settlement price since May 21. "We are seeing a positive correlation between gold and equities," said Adam Klopfenstein, senior market strategist at Lind-Waldock.

Gold lost 1.8% on the week, its third weekly loss in four weeks. Bullion eked out a 0.2% gain last week, but lost on the previous two. Silver lost 1.6% on the week. The settlement below $1,190 brought gold to the bottom of its recent trading range. Gold has traded sideways for the past two weeks. "Today you have a selloff, but if you look at it closely it doesn't have too much to do with gold" but is more of a pan-market selloff, said Jeffrey Christian, managing director at CPM Group in New York City. See full story.