Gold futures settled sharply lower on Friday, pressured by the strength in dollar and US Treasury bond yields. Moreover, slackened safe-haven bullion bets after rise in US GDP also dulled the rates. Gold for the most active contract logged 1.3% loss for the week.
Gold futures for December tumbled by $20.80 or 1.25% to settle at $ 1644.80 ounce on the Comex division of the New York Mercantile. While, spot gold dipped by $18.45 or 1.11% or $ 1,644.86 per ounce.