Gold News & Info

Source: Marketwatch

New York— Gold futures rose 2% Friday to end above $950 an ounce, as the U.S. dollar weakened after the release of U.S. gross-domestic-product data, raising gold's appeal as an alternative investment. U.S. gross domestic product fell at a 1% annualized rate in the second quarter, smaller than economists had expected, the Commerce Department reported. The dollar remained lower against most of its rivals after the GDP data.

August gold futures rose $18.80, or 2%, to $953.70 an ounce on the Comex division of the New York Mercantile Exchange. It rose as high as $958.10 earlier but also fell to $932. The contract ended the week almost unchanged. Gold rose 2.8% in July. "Gold is likely to reflect the skittish mood in equities and currencies over the next few weeks, as thinner summer-holiday markets react to the changing economic picture and knock-on effect this has on investor risk appetite," said James Moore, an analyst at TheBullionDesk.com. See full story.