Daily Gold Update

Source: MarketWatch

New York— Gold futures ended lower Friday, but posted a weekly gain of 9%, as the Treasury Department said that it stands ready to lend funds to the ailing U.S. auto industry until Congress has time to consider a long-term rescue package next year. The announcement came after a rescue plan for the automakers collapsed in the Senate on Thursday night, heightening fears of a deepening recession.

Gold for February delivery ended down $6.10 at $820.50 an ounce on the New York Mercantile Exchange. However, gold futures posted a weekly gain of $68.30, or 9%, from last Friday's closing level of $752.20 an ounce. See full story.