Gold News & Info

Source: MarketWatch

San Francisco— Gold futures closed lower Friday, pressured by falling oil prices and a rally in the U.S. dollar against other major currencies, but prices for the precious metal finished the week more than 5% higher. Gold for December delivery closed at $833.50 on the New York Mercantile Exchange, down $5.50 for the session after trading as low as $828.20 earlier. The contract was still finished 5.2% higher for the week as concerns about the credit crisis and tension between Russia and the U.S. drove investors toward gold. For Friday, gold headed lower on "profit taking and increasing risk appetite as seen in the further rally in equity markets," said Mark O'Byrne, a director at Gold and Silver Investments Ltd.

"Yesterday's gains again prove gold's role as a hedge against inflation as well as periods of economic unrest and geopolitical tension," said James Moore, an analyst at TheBullionDesk.com, in a research note. "While further short-covering could boost gold in the coming sessions, we would look for technical resistance to emerge around $845," Moore said. See full story.