Gold futures pulled back Friday, but stayed on track for a solid weekly gain that’s come as the dollar has faltered in recent days.
Gold for June delivery was last down $9, or 0.7%, to $1,216.10 U.S. an ounce. The contract is on pace for an advance for the week of 2.3%.
On Thursday, gold futures scored their highest settlement in three months, based on the most-active contracts.
The yellow metal has climbed this week on the back of the weak U.S. dollar, which fell to a three-month low against the euro yesterday. The dollar on Friday was bouncing back against its major rivals, but still on track for a weekly loss. A weaker dollar makes dollar-denominated commodities cheaper for holders of other currencies.
In other metals trading, July silver as roughly flat at $17.47 U.S. an ounce. July platinum was down $4.90, or 0.4%, to $1,157.50 U.S. an ounce, while June palladium gained $2.70, or 0.4%, to $782.20 U.S. an ounce. July copper fell two cents, or 0.7%, to $2.90 U.S. a pound.
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