Gold futures pared their losses Friday, briefly turning higher to track modest gains in the U.S. stock market as President Barack Obama spoke about the economy and the European debt crisis.
Strength in the U.S. dollar after Federal Reserve Chairman Ben Bernanke failed to offer any hint of further monetary stimulus continued to put pressure on dollar-denominated gold prices.
Gold for August delivery shed 60 cents to $1,587.40 U.S. an ounce on the Comex division of the New York Mercantile Exchange after trading as low as $1,556.40 U.S.
Prices were poised for a loss of around 2.1% for the week.
