WASHINGTON (dpa-AFX) - Gold futures fell on Friday and posted their second straight weekly loss as investors assessed the likely move of the Federal Reserve with regard to interest rates. Rising Treasury yields weighed on gold prices.
A subdued dollar limited the yellow metal's downside.
The dollar index, which fell to 107.87 in the European session, recovered some lost ground subsequently. It was last seen at 108.00, down 0.12% from previous close.
Gold futures for December closed down $21.60 or about 0.82% at $2,617.20 an ounce. Gold futures shed 0.44% in the week.
Silver futures for December ended lower by $0.392 or about 1.3% at $29.655 an ounce, while Copper futures for December edged up $0.0025 or 0.06% to $4.1300 per pound.
Federal Reserve Chair Jerome Powell said earlier this month that more reductions in borrowing costs now hinge on further progress in lowering stubbornly high inflation, prompting traders to dial back estimates of how far borrowing costs are likely to fall over the coming year.
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