Gold futures fell Friday, poised for a second-straight session of losses, as some disappointment over U.S. economic data reverberated, driving gains for the U.S. dollar.
Gold for December delivery fell $9.10, or 0.5%, to $1,735.60 U.S. an ounce on the Comex division of the New York Mercantile Exchange. Prices, which closed with a loss of $8.30 on Thursday, were trading 1.4% lower for the week.
December silver futures shed 33 cents, or 1%, to $32.54 U.S. an ounce, poised to be the biggest decliner among the major metals for the week, down 3.4%.
On the macroeconomic front, a report released Friday said U.S. existing home sales declined 1.7% in September to a seasonally-adjusted annual rate of 4.75 million. Economists had expected a rate of 4.8 million.
The dollar held its gains after the housing data. Strength in the greenback in turn tends to hurt dollar-denominated commodities such as gold.
The dollar index, which measures the greenback against a basket of six currencies, rose to 79.566 from 79.207 in late North American trading on Thursday.
The dollar was also gaining as investors eyeballed the European Union summit for news and braced for some disappointment on banking supervision. The European Council said Friday it has set a deadline of Jan. 1 for agreeing a legislative framework for a single banking supervisor.
Over in South Africa, gold miners who faced dismissal for going on an illegal strike returned to work at Gold Fields Ltd. , according to news reports, but the strike at Anglo American Platinum Ltd., which began last month, continued.
U.S. stocks fell after some disappointing earnings from Microsoft Corp. released after the close of trading Thursday.
Among other metals, platinum for January delivery fell $11.70, or 0.7%, to $1,632 U.S. an ounce, trading around 1.6% lower from a week ago. December palladium fell $15.80, or 2.4%, to $631.40 U.S. an ounce, down about 1.1% from last Friday.
Copper for December delivery lost six cents, or 1.6%, to $3.68 U.S. a pound, down about 0.5% from a week ago.
