Gold News & Info

Source:Marketwatch

New York— Gold futures edged lower Friday, retreating from an earlier high near $890 an ounce but poised to post a gain of more than 2% for the week as traders eyed crude oil's surge to a record high above $126 a barrel as well as some weakness in the U.S. dollar. Gold for June delivery fell by $5.10 to $877 an ounce on the New York Mercantile Exchange. It traded as high as $888 during the session. On Thursday, gold rallied $10.90 to end at $882.10 an ounce. The contract traded well above last Friday's closing level of $858.

Crude-oil futures climbed past the $126 a barrel mark Friday, poised to score a weekly gain with strong demand for diesel fuel and concerns about global crude supplies sending prices to a fresh all-time high. On the currency markets, the U.S. dollar fell against most of its major counterparts, with the dollar index dropping 0.4% to 73.17. Dollar weakness typically benefits dollar-denominated commodities, such as gold and crude oil, because it makes them cheaper for holders of other currencies. See full story.