Gold Closes Lower and Turns to Weekly Losses

Gold prices declined on Friday and finished at its lowest level in about a week, as the U.S. Dollar rose across the board.

The USD’s rise and selling pressures due to profit making weighed on the yellow metal, which continues to signal strength and maintain most of its gains on a quarterly basis.

Gold futures for August delivery lost $16.80, or 0.9%, to close at $1,879.60 per ounce. This marked the lowest closing level for gold’s most active contract since June 3.

The yellow metal futures registered a 0.7% loss on the weekly level.

Meanwhile, silver futures for July delivery added 12 cents, or 0.4%, to settle at $28.15 per ounce, rising by about 0.9% for the week.