Gold Futures Settle Lower

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Gold prices drifted lower on Friday, snapping a three-session winning streak, as traders looked to take some profits.

The dollar’s recovery from early lows contributed as well to the yellow metal’s decline.

The dollar index, which was down at 93.10 early on in the session, rose to 93.38 around mid-afternoon and was last seen at 93.31, down just marginally from previous close.

Gold futures for December ended down $16.40 or about 0.8% at $1,947.90 an ounce.

For the week, gold futures gained about 0.7%.

Silver futures for December closed lower by $0.434 at $26.857 an ounce, while Copper futures for December settled at $3.0395 per pound, gaining $0.0410 for the session.

A report released by the Labor Department today showed consumer prices in the U.S. increased by slightly more than anticipated in the month of August.

The report said the consumer price index climbed by 0.4% in August after advancing by 0.6% for two straight months. Economists had expected consumer prices to rise by 0.3%.

Excluding food and energy prices, core consumer prices still rose by 0.4% in August following a 0.6% increase in July. Core consumer prices were expected to edge up by 0.2%.


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