Gold News & Info

Source: Marketwatch

San Francisco— Gold futures ended lower Friday as reports that Egyptian President Hosni Mubarak resigned took away some of gold�s safe-haven appeal, and the dollar strengthened. Gold for April delivery declined $2.10, or 0.2%, to settle at $1,360.40 an ounce on the Comex division of the New York Mercantile Exchange. That was gold�s lowest settlement since Monday. On the week, however, gold gained 0.8%.

A resolution of the conflict in Egypt diminished gold�s safe-haven appeal, said James Cordier, portfolio manager at Optionfutures.com in Florida. Much of the uncertainty for Egypt and the Middle East �is behind us now,� he said. �The protesters are going home, they are going back to work in the next couple of days … and the reason to buy gold as a safe-haven came off.� Gold wavered between small gains and losses immediately after the reports out of Egypt, but the contract later drifted into the red. See full story.