Gold futures on the COMEX division of the New York Mercantile Exchange settled lower Friday,as a firmer U.S. dollar dent the precious metal's attraction for investors.

The most active gold contract for April delivery fell 3.3 dollars, or 0.25 percent, to close at 1,315.7 dollars per ounce.

Strength in the dollar pressured dollar-priced gold. The U.S. dollar index rose 0.16 percent to 90.13, setting for a 1.4 percent weekly advance, which would be its strongest weekly rise in more than a year.

Because most commodities are priced in dollars, strength in the currency can create a headwind for assets like gold, detracting from its appeal among buyers using weaker currencies.

As for other precious metals, silver for March delivery dropped 20.2 cents, or 1.24 percent, to settle at 16.139 dollars per ounce. Platinum for April went down 16.9 dollars, or 1.73 percent, to close at 961.5 dollars per ounce.

Source:
courtesy of XINHUA NEWS AGENCY

by Xinhua News Agency

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