MW: Gold retains strength after U.S. economic data
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) - Gold prices rose on Friday as investors continued to flock to the metal as a hedge against concerns including the economic trouble roiling Europe.
"Concerns of a meltdown in European debt markets have abated somewhat but gold's continuing strength in euros and other currencies signals that the worst may not be past," wrote analysts at GoldCore.
On Friday, rating agency Moody's Investors Service downgraded the bank financial strength rates and deposit and debt ratings of nine Greek banks. Read about efforts to finalize loan package for debt-strapped nation.
The contract for June delivery rose $8.60 to $1,177.4 an ounce on the Comex division of the New York Mercantile Exchange.
Gold retained its gains after the Commerce Department estimated economic growth of 3.2% in the first quarter, in line with analysts polled by MarketWatch but slightly under what others in the market were anticipating. Read about drivers of economic growth.
On Thursday, gold for June delivery lost $3, or 0.3%, to $1,168.80 an ounce, with the fall coming one day after the metal rose to $1,171.80 an ounce, its highest close since early December.
