Reply #38: Gold down on session, but up on week [View All]

[54anickel]

http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&dist=yhoo&guid=%7BA944993A%2D92AE%2D4BC9%2DB148%2D68EB6A3F2E3E%7D

SAN FRANCISCO (CBS.MW) -- Gold futures fell from their one-month highs Friday as an upward reversal in the U.S. dollar brought selling to the precious metals market, though prices still managed to end the week with a gain of nearly $7 an ounce.

Gold for April delivery closed at $410.80 an ounce on the New York Mercantile Exchange -- down $3.40 for the session, but up $6.60 from last week's close.

Metals trading on the exchange closed by 12:10 p.m. Eastern time Friday ahead of the President's Day holiday Monday. Regular trading will resume Tuesday.

Prices fell Friday from the session high of $418 -- the highest intraday level since Jan. 15. "Traders taking money off the table" ahead of the three-day Presidents Day holiday, said John Person, head financial analyst at Infinity Brokerage Services.

The euro tumbled against the dollar after failing to break through the $1.29 barrier. Rumor swirled through the markets that the European Central Bank or another European national bank had sold euros to drive the Continent's currency lower, but analysts said it was more likely private traders selling large positions as options expired.....

more...