Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Friday as the U.S. dollar strengthened.
The most active gold contract for August delivery went down 1.40 U.S.
dollars, or 0.1 percent, to close at 1,426.70 dollars per ounce, agency reports. The U.S. dollar index, a measure of the greenback against a basket of other major currencies, rose 0.33 percent to 97.11 ahead of gold’s settlement.
When the dollar rises, gold futures usually fall, as dollar-priced gold becomes more expensive thus less attractive to investors holding other currencies.
Still, gold futures posted more than 1 percent gains this week amid hopes of possible interest rate cuts later this year.
As for other precious metals, silver for September delivery was down 0.3 cent, or 0.02 percent to close at 16.195 dollars per ounce. Platinum for October delivery was up 2.20 dollars, or 0.26 percent, to settle at 852.10 dollars per ounce.