Gold Futures Turn to Modest Weekly Losses

Gold prices declined on Friday, turning to a weekly loss, despite the fall of the U.S. Dollar (USD).

The prospects for economic recovery, as evident by recent economic data, reduced demand for safe havens and led to better risk appetite.

Gold futures for June delivery finished lower by $4.20, or 0.2%, at $1,777.80 per ounce, turning to a slight weekly decline of about 0.1%.

Throughout the week, the yellow metal received support from higher demand for safe haven assets, due to concerns about the resurgence of the coronavirus pandemic with a new wave of infections.