Gold News & Info

Source: Marketwatch

New York— Gold futures edged lower Friday, pressured by a stronger dollar and the day's round of mixed economic data, but posted gains of nearly 1% on the week. Gold for December delivery, the most active contract, retreated 10 cents to $1,216.60 an ounce on the Comex division of the New York Mercantile Exchange. On the week, gold rose 0.9%, making it the second weekly gain for gold. Gold has gained in four out of the eight past weeks.

Gold hit a six-week high on Thursday, playing off disappointing data from the Labor Department on weekly jobless claims that added to investor worries about the recovery. Reports on Friday had a more nuanced flavor. They showed the U.S. consumer becoming slightly more confident and business inventories inching higher, but they also showed anemic retail sales. The dollar, however, tilted gold to losses. The U.S. currency hit a three-week high against the euro on Friday. The dollar index, which compares the U.S. unit to a basket of six currencies, rose 0.3% to 82.85. See full story.