Gold News & Info

Source: MarketWatch

New York— Gold futures fell Friday for the first session in four, dropping from a seven-month high to about $942 an ounce as investors took advantage of the prior sessions' gains and moved into other assets such as oil. Gold for February delivery pared earlier losses to end $7 lower, or 0.7%, at $941.50 an ounce on the Comex division of the New York Mercantile Exchange. The front-month contract had rallied $56.10, or 6.2%, over the previous three sessions. It surged above $950 on Thursday, the first time at such a level since July. The February contract ended the week up 3%, reflecting a flight to safety as investors traded on skepticism that U.S. government programs would turn around the economy this year.

Trading more actively, the April contract also reduced earlier losses Friday, ending down less than 0.7% at $942.20. "Profit-taking became manifest after a relatively tireless run in gold," said Jon Nadler, senior analyst at Kitco Bullion Dealers. Crude-oil futures gained for the first time in six days. The benchmark U.S. stock indexes bounced in and out of positive territory as investors eyed Congress' passage of the roughly $790 billion economic stimulus passage, a lackluster showing after equities rebounded in Europe and Asia. The U.S. dollar came under pressure. See full story.