Gold futures finished modestly lower on Friday after the precious metal succumbed to pressure from a strong dollar, marking its fifth consecutive weekly decline.December gold GCZ5, -0.11% shed $1.60, or 0.1%, to settle at $1,076.30 an ounce, a day after the yellow metal saw its largest one-day gain in over a month. Gold prices were higher earlier Friday and on track to see a daily increase, but a strengthening buck quashed its advance.
Gold’s moves have come amid intensifying prospects of a rate increase by the Federal Reserve, which should prove a headwind for precious metals that don’t bear interest. Gold finished the week 0.4% lower, marking its fifth straight weekly drop, starting with the week ended Oct. 23, according to FactSet data.
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