Gold futures settled lower Friday as the dollar picked up strength, with investors weighing data from both the U.S. and China for gold demand prospects.
Gold for February delivery fell $3.80, or 0.2%, to settle at $1,687 an ounce on the Comex division of the New York Mercantile Exchange. The contract was 1.6% higher for the week, however.
Overnight, data out of China revealed that gross-domestic-product growth in China rose to 7.9% in the quarter and by 7.8% for the full year 2012.
Economists had been expecting fourth-quarter growth of 7.8%, according to separate surveys by Dow Jones Newswires and Reuters.
Meanwhile, in the U.S., the Reuter's/University of Michigan's consumer sentiment index for January fell to 71.3, down sharply from 80.5 in December and well below economists' forecasts for 75.0. It was the lowest reading since December of 2011.
The U.S. dollar strengthened, which tends to put pressure on commodities denominated in the U.S. greenback, like gold.
Thursday, gold settled at its highest since mid-December, lifted by the Fed's Philadelphia regional manufacturing gauge, which disappointed investors, leading to some safe haven appeal.
Next week, gold investors will be eyeing the European Finance Ministers meeting, the Bank of Japan monetary policy meeting, and the PMI data from China, the eurozone and the U.S.
Oil futures settled just slightly higher on Friday, as the International Energy Agency raised its global oil demand forecast for this year, amid strength from the China data. But the U.S. consumer sentiment index weighed.
February crude oil rose 7 cents, or 0.1%, to settle at $95.56 a barrel on the New York Mercantile Exchange. The commodity finished 2.1% higher for the week. Reported by Proactive Investors 23 hours ago.
Gold for February delivery fell $3.80, or 0.2%, to settle at $1,687 an ounce on the Comex division of the New York Mercantile Exchange. The contract was 1.6% higher for the week, however.
Overnight, data out of China revealed that gross-domestic-product growth in China rose to 7.9% in the quarter and by 7.8% for the full year 2012.
Economists had been expecting fourth-quarter growth of 7.8%, according to separate surveys by Dow Jones Newswires and Reuters.
Meanwhile, in the U.S., the Reuter's/University of Michigan's consumer sentiment index for January fell to 71.3, down sharply from 80.5 in December and well below economists' forecasts for 75.0. It was the lowest reading since December of 2011.
The U.S. dollar strengthened, which tends to put pressure on commodities denominated in the U.S. greenback, like gold.
Thursday, gold settled at its highest since mid-December, lifted by the Fed's Philadelphia regional manufacturing gauge, which disappointed investors, leading to some safe haven appeal.
Next week, gold investors will be eyeing the European Finance Ministers meeting, the Bank of Japan monetary policy meeting, and the PMI data from China, the eurozone and the U.S.
Oil futures settled just slightly higher on Friday, as the International Energy Agency raised its global oil demand forecast for this year, amid strength from the China data. But the U.S. consumer sentiment index weighed.
February crude oil rose 7 cents, or 0.1%, to settle at $95.56 a barrel on the New York Mercantile Exchange. The commodity finished 2.1% higher for the week. Reported by Proactive Investors 23 hours ago.