Gold Settles Higher, But Logs 7th Weekly Loss

By Wallace Witkowski Markets MarketWatch Pulse

Gold prices settled higher Friday but it wasn't enough to save the precious metal from its seventh weekly loss, its longest weekly string of losses in more than 12 years. Gold for February delivery settled up $2.90, or 0.3%, at $1,133.60 an ounce, as the U.S. Dollar index retreated slightly but was still near its highest levels since December 2002. For the week, gold declined 0.3%. The last time gold had a run of seven weekly losses was back in mid-May 2004, according to Dow Jones data. Silver for March delivery settled down 11.2 cents, or 0.7%, at $15.76 an ounce. For the week, silver finished down 2.4% for the week for its second week of losses.

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