Gold finished mildly lower on Friday as profit-takers took advantage of the highest prices in nearly seven months. The metal had soared by more than $50 in a two-day rally entering the session. April gold fell to $942.20, down $7 for the session. Prices dipped as low as $933.00 earlier in the session. After the metals market closed, the House granted final approval to a $789 billion economic stimulus and recovery package Friday, by a largely party-line vote of 246 to 183. As when the House first acted on the measure, which then had an estimated price tag of $819 billion, the bill attracted no Republican votes. Seven Democrats joined with the Republicans in voting against the bill compared to the eleven Democrats that voted against the original measure. This morning, the Reuters/University of Michigan preliminary report on the consumer sentiment index showed a reading of 56.2 for the month of February. Consumer confidence was expected to tick down to 61.5, compared to 61.2 January. Additionally, some traders will be looked ahead to a G-7 meeting this weekend, where the group will look for specific ways to heal the global economy, discussing things like stimulus plans and protectionism. Crude oil rallied $3.53 to close at $37.51 a barrel as traders took advantage of a recent slump.

Source