Gold futures fell to the lowest settlement level in two weeks on Friday, as a stronger U.S. dollar pushed prices to their largest weekly loss since August.
December gold fell $3.30, or 0.3%, to settle at $1,162.80 U.S. an ounce on Comex, which was the lowest settlement since Oct. 9. For the week it lost 1.7%, which was the largest weekly drop since the week ended Aug. 28.
December silver shed a penny to $15.827 U.S. an ounce, pushing it down about 1.8% on the week.
The ICE U.S. Dollar Index was up 0.8% on Friday by the time gold prices settled, poised for a weekly gain of nearly 3%, marking its best weekly climb since May, according to FactSet data. Commodities priced in dollars often trade inversely with the dollar, as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies.
A dollar rally Thursday, sparked by dovish European Central Bank comments, had squashed gold’s attempt to move higher.
Among other metals on Comex, December copper lost 3.4 cents, or 1.4%, to $2.35 U.S. a pound, ending about 2.2% lower for the week. January platinum fell $11.20, or 1.1%, to $1,001.70 U.S. an ounce, down roughly 2.2% for the week. December palladium settled at $693.85 U.S. an ounce, up $8.25, or 1.2%, for the session, but it was still down 0.8% for the week.
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