OTTAWA (dpa-AFX) - Gold futures settled lower on Friday, and posted a weekly loss as well, but still recorded a sharp gain for the month. A firm dollar and encouraging economic data weighed on the yellow metal.
The dollar index climbed to 101.78, gaining more than 0.4%.
Gold futures for September ended lower by $31.90 or about 1.26% at $2,493.80 an ounce. Gold futures shed about 0.7% in the week, but gained nearly 2.8% in the month.
Silver futures for September ended down $0.826 or 2.79% at $28.731. The contract lost about 3.65% in the week.
Copper futures for September advanced to $4.1500 per pound, gaining $0.0025.
In U.S. economic news, the Commerce Department released readings on U.S. consumer price inflation that are said to be preferred by the Federal Reserve.
The report said the personal consumption expenditures (PCE) price index rose by 0.2% in July after inching up by 0.1% in June. The modest increase matched expectations.
Meanwhile, the report said the annual rates of growth by the PCE price index and the core PCE price index were both unchanged at 2.5% and 2.6%, respectively.
Consumer sentiment in the U.S. improved by slightly more than previously estimated in the month of August, the University of Michigan revealed in a report released on Friday. The University of Michigan said its consumer sentiment index for August was upwardly revised to 67.9 from the preliminary reading of 67.8.
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