Gold ends lower, still posts a small gain for the week

Gold futures ended lower Friday as some upbeat U.S. economic data provided support for the dollar, but carved out a modest rise for the week.

December gold GCZ8, -0.69%  fell $7.10, or 0.6%, to settle at $1,201.10 an ounce, with the precious metal booking a weekly rise of 70 cents from the week-ago finish of $1,200.40. Prices had suffered losses over the previous two weeks.

The buck moved up Friday, pressuring prices for dollar-denominated gold, after data showed that U.S. industrial production rose by a bigger-than-expected 0.4% in August. That was the third monthly increase. Consumer sentiment in September climbed to 100.8 from 96.2 in August.

Earlier data Friday were more downbeat, with retailers in August registering the weakest sales in six months. Retail sales rose just 0.1%.

As measured by the U.S. ICE Dollar Index DXY, +0.40% a gauge of the buck against a half-dozen currencies, edged up 0.4% to 94.928 in Friday trade.

The U.S. and China trade war will be closely looked at next week, with the Chinese economy seeing some effects from the dispute, said Karnani. Even so, “up to a certain level, slowing Chinese economic growth and slowing global economic growth will be bullish for gold investment demand as people will prefer safe havens. For Asians gold is the safe haven and not the U.S. dollar.”

Elsewhere in metals trading, December silver SIZ8, -0.77% fell 0.7% to $14.142 an ounce. That was the lowest settlement for a most-active contract since January 2016, according to FactSet data. The metal lost 0.2% for the week.

December copper HGZ8, -2.18%  lost 1.4% to $2.646 a pound, holding onto a rise of roughly 0.9% for the week. October platinum PLV8, -0.65%  shed 0.6% to $798.60 an ounce, paring its weekly gain to 2.3%. December palladium PAZ8, +0.00%  settled at $970.50 an ounce, up 0.2% for the session and the week.

The SPDR Gold Trust exchange-traded fund GLD, -0.61%  declined by 0.5%, trading nearly flat for the week, while the iShare Silver Trust SLV, -0.64%  lost 0.6%, building a weekly loss of nearly 0.5%. The VanEck Vectors Gold Miners ETF traded down 0.3%, cutting its weekly rise to about 0.8%.