FX.co ★ Gold Futures Settle Lower As Dollar Extends Gains

Gold prices drifted lower on Friday as the dollar climbed up, but the most active gold futures contract still posted a small weekly gain.

The dollar index rose to 101.19, gaining nearly 0.3%, before easing a bit. The index was last seen at 101.07, up 0.18% from the previous close.

Gold futures for August ended lower by $4.30 or about 0.2% at $1,966.60 an ounce.

Silver futures for September ended down $0.107 at $24.855 an ounce, while Copper futures for September settled at $3.8180 per pound, losing 0.0165.

The dollar gained amid speculation that the Federal Reserve may keep interest rates higher for longer to bring inflaction under control.

Besides the Fed, policy meetings of the European Central Bank and the Bank of Japan are also due next week.