Gold futures pared much of their earlier gains Friday as a strength in the dollar dulled the dollar-denominated metal's appeal to investors.
Prices still logged their highest settlement since last Friday. For the week, they fell by 0.1%, with the haven metal failing to get a significant boost on the back of tensions in the Middle East and Hong Kong. "The fact that gold has managed to trade over $1,340 is a positive sign for next week," said Chintan Karnani, chief market analyst at Insignia Consultants. "Corrections are a part of the big rally."
August gold rose 80 cents, or nearly 0.1%, to settle at $1,344.50 an ounce on Comex.