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Gold Futures Settle Lower, Post First Weekly Loss In Five Weeks

Gold futures settled lower on Friday, weighed down by a firm dollar and higher Treasury yields.

Following today's loss, gold futures posted a weekly loss after recording gains in the previous four weeks.

The dollar index, which slid to 92.33 in the Asian session, rallied to 92.60 by mid-afternoon, gaining about 0.13%.

The yield on the 10-Year U.S. Treasury Note increased to 1.336%.

Gold futures for December ended down by $7.90 or about 0.4% at $1,792.10 an ounce. Gold futures shed about 2.3% this week.

Silver futures for December closed lower by $0.277 or about 1.2% at $23.900 an ounce. Silver futures shed nearly 3.6% for the week.

Copper futures for December settled at $4.4520 per pound, gaining $0.1665 or nearly 4% in the session. Copper futures gained about 2.7% this week.

In economic news, producer prices in the U.S. increased by slightly more than expected in the month of August, according to a report released by the Labor Department.

The Labor Department said its producer price index for final demand climbed by 0.7% in August after jumping by 1% for two straight months. Economists had expected producer prices to increase by 0.6%.

A report released by the Commerce Department showed wholesale inventories in the U.S. increased in line with economist estimates in the month of July.

The report said wholesale inventories rose by 0.6% in July after jumping by 1.2% in June. The increase matched expectations as well as the preliminary estimate.

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