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Gold falls first day in four after rallying
near $1,000 an ounce

Futures mark best week in more than four months; silver rallies
9.9% on week

NEW YORK (MarketWatch) 4/09/09.  Gold futures edged lower Friday for
the first day in four, after rallying near $1,000 an ounce in the previous
session, as a jobs report that fell largely in line with expectations curbed
gold's safe-haven appeal.

Despite Friday's small loss, gold futures marked their best week in more
than four months, largely due to gains in the previous two sessions.
Holdings in the biggest gold exchange-traded fund rose the most in three
months on Thursday.

December gold futures, the most active contract, slid $1 to end at $996.70
an ounce on the Comex division of the New York Mercantile Exchange.
The contract ended the week up 4%, the best weekly record for a futures
contract since April 24.

The London afternoon fixing, a global gold benchmark, stood at $989
Friday, the highest level since Feb. 20. The benchmark ended the week up
3.5%, also the biggest weekly gain since April.

"Over the last few days gold has begun to trade as an asset class of its
own," said Brian Kelly, chief executive officer of Kanundrum Research, a
commodities and macroeconomic research firm.

However, "I would not be surprised to see a technical sell-off as the yellow
metal finds its footing. It is entirely possible that gold retreats to $960
before it stabilizes."

Holdings in SPDR Gold Trust /quotes/comstock/13*!gld/quotes/nls/gld
(GLD 97.53, +0.07, +0.07%) rose 14.65 metric tons to 1,078.01 metric tons
Thursday, the biggest one-day gain since June 1. December gold rose as
high as $999.50 Thursday.

"We continue to expect a seasonal pickup in jewelry demand, especially
as the Indian wedding season is approaching, to provide a floor for prices
and limit the downside," said Natalya Naqvi, a precious metals analyst at
Barclays Capital.

Gold prices typically rise in September, an analysis of the historical record
shows, as the start of holiday seasons in the world's biggest
gold-consuming countries tends to drive up demand.

Gold made gains for the past 16 out of 20 Septembers. That's a better track
record than any other month of the year, a MarketWatch analysis of gold
prices measured by the London fixing showed.

In currencies Friday, the dollar erased earlier gains, with the dollar index
/quotes/comstock/11j!i:dxy0  (DXY  78.14, -0.33, -0.42%)  recently down
0.5% to 78.11.

The Labor Department reported August nonfarm payrolls fell 216,000,
fewer than the expectation of a drop of 233,000. The unemployment rate,
however, rose to 9.7%, higher than the expectation of 9.5%.

In other metals dealings, silver for December delivery fell slightly to end at
$16.285 an ounce. The contract ended the week up 9.9%.

October platinum fell $5.30, or 0.4%, to $1,259.10 an ounce, while
December palladium gained $1.95, or 0.7%, to $296 an ounce.

Copper for December delivery rose slightly to $2.8665 a pound.

Separately, Rio Tinto Ltd. /quotes/comstock/13*!rtp/quotes/nls/rtp (RTP
159.85, +3.52, +2.25%) said it has suspended talks with Chinese steel mills
over iron-ore pricing, citing the detention of the global mining company's
negotiators in China, reports said Friday