Gold News & Info

Source: MarketWatch

New York— Gold futures rose on Friday, as a steep fall in the dollar encouraged investors to buy the precious metal following nine straight sessions of losses, gold's longest losing streak in eight years, which had shaved off more than $90 of its value. Gold for December delivery rose $19, or 2.5%, to end at $764.50 an ounce on the Comex division of the New York Mercantile Exchange. Despite Friday's gain, gold ended the week down $38.3, or 4.8%.

In currency trading, a surprise drop in retail sales on Friday put further pressure on the dollar, with the U.S. currency already under pressure as hopes of a buyout for troubled investment firm Lehman Brothers reduced the need for risk aversion trades. The dollar fell off its one-year high against the euro. The dollar index, which tracks the value of the greenback against other major currencies, slid 1%. A weakening greenback tends to push up dollar-denominated gold prices as it reduces the metal's appeal as an alternative commodity. See full story.