Gold futures settled with a loss on Friday, but tallied a gain for the third week in a row. Prices for the metal declined for the session on “weekend profit taking” as well as disappointment over gold’s “inability to break past” the key $1,900 mark, said Chintan Karnani, director of research at Insignia Consultants. However, a rise in gold exchange-traded fund demand is a “positive sign for the gold price for the week ahead.” June gold declined by $5.20, or 0.3%, to settle at $1,876.70 an ounce. Prices based on the most-active contract finished 2.1% higher for the week, according to FactSet data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
