Precious metals prices dropped Friday and headed for a weekly loss, nicked by a firmer dollar that’s been bolstered by the Federal Reserve’s adherence to an interest rate-tightening cycle.
December gold eased $5.80, or 0.5%, at $1,219.40 an ounce, down over 1% for the week. December silver fell 11 cents, or 0.8%, to $14.305 an ounce, and has fallen nearly 3% for the week.
In other metals trade, January platinum fell 0.8% to $863.80 an ounce, while December palladium fell 1.3% to $1,101.10 an ounce. December copper declined by 1.3% at $2.699 a pound.