Gold futures fell Friday, pulling back after tallying a gain of nearly $107 U.S. an ounce in the last eight trading sessions, though an S&P warning putting U.S. bonds on review for possible downgrade may provide support for the precious metal.
Gold delivery for August, the most active contract, lost $1.50 to $1,587.80 U.S. an ounce. A strengthening U.S. dollar helped to add to the decline. The dollar index, which measures the greenback against six rival currencies, was up 0.2%.
Gold prices were still poised to log a gain for the week as fears of a U.S. default grow and Europe's sovereign debt crisis linger. On Thursday, gold prices settled at a record high of $1,589.30 U.S. an ounce
