MW: Gold prices fall to dent weekly gain as bigger buyers rest
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- Gold on Friday trimmed weekly gains, with industry buyers and exchange-traded funds on the sidelines one day after the precious metal hit a six-week high.
"The yellow metal and the greenback have been executing a close tango for the past couple of weeks now, and weakness in the latter has translated into persistent bumping-ups against the $957 resistance area in the former," wrote Jon Nadler
In early trade on the Comex division of the New York Mercantile Exchange, the contract for August delivery fell $2.30, or 0.2%, to $952.50 an ounce.
The dollar index (DXY 78.70, -0.10, -0.13%) , which tracks the greenback against a trade-weighted basket of major currencies, traded at 78.745, down from 78.821 in late trade in New York on Thursday. Read Currencies.
Holdings in the SPDR Gold Trust (GLD 93.44, +0.18, +0.19%) , the biggest exchange-traded fund backed by gold, fell in recent days, standing at 1,086.61 metric tons Thursday versus 1,094.54 as the week began, according to the latest data from the fund.
