Gold futures lost steam on Friday, ending lower for the session as the dollar strengthened. Prices, however, gained for the week after logging their first intraday climb above $1,450 an ounce in six years.
August gold trading fell by $1.40, or 0.1%, to settle at $1,426.70 an ounce, after touching an intraday high of $1,454.40. Friday’s intraday high and Thursday’s settlement were the loftiest for a most-active contract since mid-May 2013, according to Dow Jones Market Data.
Gold tallied a weekly gain of 1% based on its July 12 close, which represented its sharpest advance since the week ended June 21, FactSet data show.
Gold’s sister metal, silver saw its September contract settled nearly a half cent lower at $16.195 an ounce after finishing at its highest since June 29, 2018 in the prior session. The metal marked a weekly gain of 6.3% based on last week’s settlement, which would represent the biggest weekly gain since a 10.1% weekly surge at the period ended July 1, 2016, according to FactSet data.