Gold prices fell on Friday and looked ready for its third weekly fall for the month, restrained as a slew of U.S. economic data beat expectations and the dollar held near multi-week highs against major currencies.
Spot gold fell 0.4% to $1,499.22 U.S. per ounce early Friday, declining 1% for the week after a near 2% gain last week.
U.S. gold futures were down 0.6% lower at $1,506.01 per ounce.
The National Association of Realtors’ pending home sales index rose 1.6% to a reading of 107.3 for August, while economists had forecast an increase of 0.9%.
The greenback held near multi-week highs against major currencies as heightened risks from political tensions to the U.S-China. trade war increased its safe-haven appeal.
Spot gold may test a support at $1,488 U.S. per ounce, a break below which could cause a fall towards $1,446, according to analysts.
Silver fell 1.34% to $17.56 U.S. per ounce, platinum down 0.2%, at $928.34 U.S. per ounce and palladium fell 0.5% to $1,659.54 U.S. per ounce.
