Daily Gold Update

Source:Marketwatch

New York — Gold futures rose Friday for a fourth-straight session, briefly topping the $960-an-ounce mark for the first time in nearly two months as the U.S. dollar weakened against its major rivals on concerns over the U.S. credit rating. Gold for June delivery rose to as high as $963.10 an ounce in early morning trading, topping $960 for the first time since March 19. It closed at $958.90 on the Comex division of the New York Mercantile Exchange, up $7.70, or 0.8%. The metal ended the week up 3%. The greenback fell Friday to the lowest level this year against the euro as worries increased that the U.S. could lose its triple-A credit rating. The dollar index, which tracks the value of the greenback against its six major rivals, fell 0.1% to 79.856.

Standard & Poor's Ratings Service Thursday warned Britain that it may lose its triple-A rating, triggering a drop in U.K. bonds and sparking global fears about sovereign credit ratings. In the U.S., 10-year Treasury bonds fell below a crucial level.

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