Gold prices pared gains on Friday as the dollar climbed after upbeat U.S. economic data, and as U.S. stocks opened slightly higher after a sharp fall.
Gold was headed for its first weekly gain in four, but barely, as the December futures contract dropped close to $5.00 U.S. to trade at $1,217.20 U.S. an ounce. December silver rose seven cents, or 0.4%, to $17.50 U.S. an ounce.
The American dollar kept up its momentum as data showed the U.S. economy grew 4.6% in the second quarter, on an annual basis, matching the best performance since the recession ended in mid-2009. Business investment also showed strong gains, the data showed. Dollar gains have been hacking away at precious metals.
Other metals were also hit, with December palladium dropping $3.05 to $797.70 U.S. an ounce, and October platinum falling $10.20 to $1,304 U.S. an ounce.
High-grade copper for December delivery was up one cent at $3.04 U.S. a pound.
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