WASHINGTON (dpa-AFX) - Gold futures snapped a seven-day winning streak and ended notably lower on Friday, due largely on profit taking. The contract posted a moderate gain for the week, recording its third successive weekly gain.
A slightly weak dollar limited the yellow metal's downside. The dollar index, which dropped to 100.16, recovered to 100.43 subsequently, trimming its loss to about 0.1%.
Gold futures for October ended down $26.10 or 0.98% at $2,644.30 an ounce. Gold futures gained 0.84% in the week.
Silver futures for October ended lower by $0.522 or about 1.6% at $31.519 an ounce. Silver futures gained about 1% in the week.
Copper futures for dropped to $4.5335 per pound, losing $0.0490 or 1.07%.
Data from U.S. Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1% in August after rising by 0.2% in July. The uptick matched expectations. The report also said the annual rate of growth by the PCE price index slowed to 2.2% in August from 2.5% in July. Economists had expected the pace of growth to slow to 2.3%.
Meanwhile, the Commerce Department said the annual rate of growth by the core PCE price index accelerated to 2.7% in August from 2.6% in July, in line with estimates.
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