Gold News & Info

Source: Marketwatch

New York— Gold futures fell Friday, extending their weekly losses to 1.6% as tumbling oil prices and a stronger dollar reduced the metal's appeal as a hedge against inflation and a weak currency. Crude oil has lost about 10% this week as a new report from the International Energy Agency reaffirmed concerns about weak demand. The dollar was higher against most of its major rivals. August gold futures fell $3.70, or 0.4%, to end at $912.50 an ounce on the Comex division of the New York Mercantile Exchange. It dropped as low as $906.60 earlier.

In exchange-traded funds, holdings in the SPDR Gold Trust, the biggest gold ETF, stood at 1,109.81 metric tons Thursday, unchanged from a day ago. Holdings have fallen more than 20 metric tons since the beginning of June. The dollar provides direction for gold prices, said James Moore, an analyst at TheBullionDesk.com. As prices fall towards $900 an ounce, "the scale of buying interest is encouraging." See full story.