Gold Maintains Gains for Third Straight Week

Gold prices declined on Friday, after rising for six consecutive sessions, as risk sentiment improved and stock markets rebounded from recent declines, which led to reduced demand for safe haven assets.

A rising U.S. Dollar (USD) also weighed down on gold’s futures. In addition, some profit taking activity probably led to increased selling pressures on gold futures following recent surges to their highest level in about four months, since early January.

Nevertheless, the yellow metal futures were able to maintain their third consecutive weekly rise.

Gold futures for June delivery closed lower by $5.20, or 0.3%, at $1,876.70 per ounce.

On a weekly basis, gold’s most active contract registered a rise of 2.1%.

Meanwhile, silver futures for July delivery finished lower by 58 cents, or 2.1%, at $27.49 an ounce, maintaining a 0.4% weekly gain.