Gold News & Info

Source: Marketwatch

New York— Gold futures fell Friday to the lowest level in nearly one month, marking their second weekly loss, as upbeat retail and consumer-sentiment data pushed the U.S. dollar sharply higher, curbing gold's appeal as bulwark against currency depreciation. Gold for December delivery fell $6.30, or 0.6%, to end at $1,119.40 an ounce on the Comex division of the New York Mercantile Exchange, the lowest settlement since Nov. 13. The contract ended the week down 4.2%. The more actively traded February contract also fell, down 0.6% at $1,119.90 an ounce.

"The strong U.S. retail sales number and consumer confidence likely have short-term traders selling long positions," said Brian Kelly, chief executive of Kanundrum Research, a commodities and macroeconomic research firm. "Gold is quickly approaching a key support level of $1,070 to $1,100," he added. Gold will be more volatile next week as "traders begin to position themselves for" the Federal Reserve meeting. See full story.