Gold News & Info

Source: Marketwatch

New York— Gold prices ended higher Friday, building on a bounce courtesy of a surprise surge in new-home sales. Gold for June delivery, the most active contract, rose $10.80, or 0.9%, to settle at $1,153.70 an ounce on Comex. The contract had earlier hit an intraday low of $1,135.20 an ounce. Most metals chased gold higher, but palladium posted losses. Palladium for June delivery lost $1.90, or 0.3%, to $563.20 an ounce. On the week, gold posted a 1.5% increase despite steep losses on April 16 and Monday.

"There's been some ups and downs but gold is on a very nice uptrend," said Richard Ross, a technical analyst with Auerbach Grayson in New York. "This ability to dust itself off is very bullish." Gold often wears two hats — as a risky asset as well as a defensive one — and Friday it was benefitting from both, Ross said. "Gold is taking on a different group of followers," those who are not attracted to gold just on things are dire, Ross said. "Now gold is also seen as a sign of economic sensitivity … people own it for a lot of different reasons." See full story.