Gold Closes Lower but Logs Weekly Gains

Gold prices closed lower on Friday, limiting their weekly rise, which was mostly supported by the decline of the US Dollar (USD).

The yellow metal futures for February delivery lost $1.50, or 0.1%, to finish at $1,888.90 per ounce.

For the week, gold futures gained about 2.5%.

Today’s decline of gold prices came on faded hopes for a new stimulus package in the United States.

It was last Friday that gold futures turned their weekly losses into a 0.2% gain in anticipation of a stimulus deal.