By Deborah Levine, MarketWatch
NEW YORK (MarketWatch) — Gold futures rose on Friday, though coming off the session highs as traders look for signs of investors’ willingness to shift into commodities from other markets. A a decline in the dollar kept metals prices in positive territory.
Gold futures for June delivery GCM2 +0.24% rose $4.90, or 0.3%, to $1,562.30 an ounce. It touched $1,566.70 an ounce during European trading hours
Gold ended about 0.6% higher on Thursday. Besides moves by the dollar, analysts said gains may be related to some short-covering as investors rolled over to the August gold contract. See Thursday’s gold story.
In early U.S. trading, the dollar declined, giving back some of its recent gains, especially against the euro EURUSD +0.17% .
Little has been resolved in the European debt crisis, but traders pointed to technical support levels and positioning lending support to the shared currency. Read more on U.S. dollar.
Volumes may be light in other U.S. markets ahead of Memorial Day on Monday, when markets will be closed.
Late Thursday, commodity trading exchange said it had lowered its margin requirements for gold contracts by 10%, the second reduction this year
As for other precious metals, Silver for July delivery SIN2 +0.21% added 35 cents to $28.25 an ounce.
July platinum PLN2 +0.34% rose $4.60, or 0.2$, to $1,427 an ounce.
Among industrial metals, June palladium PAM2 +0.77% advanced $4.50, or 0.8%, to $592 an ounce.
Copper for July delivery HGN2 +0.74% jumped 2 cents, or 0.8%, to $3.46 a pound.
Deborah Levine is a MarketWatch reporter, based in New York.
