Gold futures settled lower on Friday to tally a third straight week of losses as investors awaited the U.S. Federal Reserve’s key decision on rates next week.
Gold futures for December delivery gave up $6, or 0.5%, to settle at $1,103.30 U.S. an ounce on Comex, for a weekly loss of 1.6%. Gold prices fell roughly 1.1% last week and 2.2% the week before that.
The Fed’s two-day policy meeting, starting Sept. 16, may set the tempo for gold’s moves, at least in the short term. The outcome of the Fed’s monetary-policy meeting appears uncertain as the central bank weighs lifting rates for the first time in almost a decade.
A rate increase would tend to push the U.S. dollar higher but that could put pressure on the price of dollar-denominated commodities like gold, making it more expensive to buyers in other currencies.
Among other metals, December silver lost 14 cents, or 1%, to $14.505 U.S. an ounce, for a weekly loss of 0.3%. December copper ended at $2.454 U.S. a pound, up less than a cent. It gained more than 6% for the week.
October platinum fell $16.30, or 1.7%, to $964.90 U.S. an ounce, for a weekly loss of about 2.8%, while December palladium gave up $1.50, or 0.3%, to $591 U.S. an ounce, but still saw a weekly gain of roughly 2.4%.
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