Gold futures fell on Friday, pressured by a rise in the U.S. dollar, as concern escalated about Spain’s borrowing costs and as U.S. equities traded lower.
Gold for August delivery declined $1.70, or 0.1%, to $1,578.50 U.S. an ounce on the New York Mercantile Exchange.
On the week, gold has declined 0.9% so far.
In the currency market, the dollar rose against its major rivals, with the dollar index up to 83.487 from 82.926 on Thursday in North American trading.
Strength in the dollar weighs on dollar-denominated commodities such as gold and oil, since it makes them more expensive for holders of other currencies.
The euro fell to $1.2187 U.S. from $1.2272 U.S., as Spain’s 10-year government-bond yields rose sharply to well above the critical 7% level.
U.S. equities traded lower, weighed down by the rise in the Spanish bond yields and disappointing earnings from a few bellwethers, including General Electric Co.
Gold futures rose on Thursday, breaking a three-day losing streak.
In other precious-metals trading, silver for September delivery fell 14 cents, or 0.5%, to $27.08 U.S. an ounce, also off session lows.
September copper declined nine cents, or 2.5%, to $3.45 U.S. a pound
