Gold’s downward spiral continued on Friday as the precious metal closed at an eight-month low, recording its third weekly loss in a row.
Gold for December delivery dropped $10.30, or 0.8%, to settle at $1,216.60 U.S. an ounce. For the week, it shed 1.2%. Meantime, September silver lost 67 cents, falling to $17.78 U.S. an ounce.
On Thursday, gold settled at its lowest closing price since the end of December, pressured by the dollar’s move higher after the Federal Reserve meeting on Wednesday.
Elsewhere in metals trading, December palladium was down $19.05, or 2.3%, to $812.35 U.S. an ounce, while October platinum lost $12.20 to $1,337.30 U.S. an ounce. High grade copper for December delivery was mostly flat at $3.09 U.S. a pound.
