Gold Futures Settle 1.6% Lower For The Week

By Myra P. SaefongMarketWatch Pulse

Gold futures finished with a loss on Friday, down 1.6% for the week as traders mulled the outcome of the Federal Reserve's policy meeting next week. "The better-than-expected [U.S.] producer prices keep the Fed on course for raising interest rates--a tailwind for the U.S. dollar and a headwind for gold," said Colin Cieszynski, senior market strategist at CMC Markets. December gold lost $6, or 0.5%, for the session to settle at $1,103.30 an ounce on Comex.

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