Capital Gold Group Report: Gold rises above $940

By Moming Zhou, MarketWatch

NEW YORK (MarketWatch) -- Gold futures rose Friday, heading for their first weekly gain in four as a weaker U.S. dollar and record-low interest rates boosted the metal's investment appeal.

The dollar was under renewed pressure Friday after China's central bank reiterated a veiled call to lessen the currency's role as the world's reserve currency. The Federal Reserve said Wednesday its key interest rate will remain near zero "for an extended period."

August gold rose $8.30, or 0.9%, to $947.80 an ounce on the Comex division of the New York Mercantile Exchange. The June contract, which expires at the end of Friday's trading, gained $6.20, or 0.7%, to $945.30.

Gold prices, as gauged by front-month contracts, are set to end the week up about 1%. For the month, it's still down 4%.

"The precious metals complex has trading modestly higher as the dollar lost ground after the Fed announced it would keep rates low," said James Moore, a precious metals analyst at TheBullionDesk.com, in a note

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