Gold prices drifted lower on Friday, as the dollar moved up against a basket of major currencies and equities edged higher amid easing worries about U.S.-China trade war impact on the global economy.
Traders are gradually switching over to stocks amid hopes the U.S. economy is well poised to register impressive growth in the coming quarters. On Wall Street, the Dow and the S&P 500 both reached new record intraday highs on
Friday.
The dollar index, which tumbled to a more than 3-month low of 93.39 earlier in the day, rose to 93.84 subsequently, gaining 0.37 points, or 0.40%.
Gold futures for December ended down $10.00, or 0.80%, at $1,201.30 an ounce, the lowest close in the week. On Thursday, gold futures ended up $3.00, or about 0.30%, at $1,211.30 an ounce, the highest settlement price so far this
month. For the week, the yellow metal recorded a small gain of less than 0.1%.
Silver futures for December settled at $14.359 an ounce, gaining $0.054. Copper futures for December ended higher by $0.1175, at $2.8575 per pound.
It is widely expected that the Federal Reserve will raise interest rates by 25 basis points when it announces its monetary policy next week. The Fed's views on the economy and outlook for futures rate hikes will set the near term
trend for the markets.
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