October 28, 2011 at 13:00 PM EDT
Gold down, but heads for weekly gain
Friday, October 28, 2011 Gold down, but heads for weekly gain Gold futures edged lower on pressure from a stronger dollar and as some investors cashed in recent gains. The front-month November-delivery contract on the Comex division of the New York Mercantile Exchange was down $2.30, or 0.1%, at $1,744.40 U.S. a troy ounce. Gold prices had climbed 1.4% to a five-week high Thursday, and were up 6.8% in four days, after euro-zone leaders unveiled a comprehensive plan for tackling the region's sovereign debt problems. But the metal shuffled between gains and losses in early morning trade as some investors moved to lock in recent gains by selling part of their holdings, while others sought to pick up gold amid lingering concerns about Europe. In the wake of Europe's announcement, market attention is shifting to the challenges of implementing the new debt measures, and some participants are returning to gold as a means of protecting their wealth from uncertainty. A stronger dollar weighed on gold prices, which are denominated in dollars and thus appear more expensive to buyers using foreign currencies when the greenback rallies.
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