Gold Futures Fall For The Session, Lose Over 2% For The Week

Gold futures declined on Friday to lose more than 2% for the week. The ICE U.S. Dollar Index [s:dxy] was slightly higher and Treasury yields also inched up, "so gold had a double headwind," said Michael Armbruster, managing partner at Altavest. "We think the dollar is likely to weaken through year end and Treasury yields show no sign that they will break out of their recent range," he said. "Given gold's strong negative correlation to the U.S. Dollar Index in recent weeks, we still like buying dips in gold below $1,800." December gold fell $7.90, or 0.4%, to settle at $1,792.10 an ounce. Based on the most-active contract, prices lost 2.3% from last Friday's settlement, tallying their first weekly loss in 5 weeks, FactSet data show.

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