Gold futures went back to losses Friday as metals traders eyed the dollar and stock markets for hints about how much investors are worried about the outlook for global economic growth.
Gold for August delivery declined $14.60, or 1%, to trade at $1,505.80 U.S. an ounce on the Comex division of the New York Mercantile Exchange, around its session lows.
It had traded as high as $1,526.50 U.S. an ounce.
Gold prices dropped more than 2% on Thursday as commodities sold off after news that the U.S. and other International Energy Agency members will make oil available from strategic reserves to counter loss of Libya’s oil.
Besides the IEA announcement, Thursday also brought the announcement of a longer-term plan to support Greece.
In other metals trading, silver for July delivery fell 44 cents, or 1.4%, to $34.48 U.S. an ounce.
September palladium dropped $9.55, or 1.3%, to $733.80 U.S. an ounce.
July platinum declined $7.50, or 0.5%, to $1,686.20 U.S. an ounce.
