WASHINGTON (dpa-AFX) - Gold prices are lower Friday morning, extending recent losses as the dollar firmed amid speculation that U.S. interest rates will rise at a faster pace once monetary tightening begins.
Gold futures for December delivery are down $3.70 or 0.30 percent at $1,223.20 an ounce.
On Thursday, gold futures ended down $9.00 or 0.7 percent at $1,226.90 an ounce. Gold futures declined to an eight-month low of $1,216.30 an ounce during the day.
A mixed batch of U.S. economic data also contributed to the bullion's weakness.
On Wednesday, the Federal Reserve reduced its monthly asset purchased to $15 billion and reiterated its pledge to keep interest rates at near-zero for 'considerable time' after its bond buying stimulus program ends.
However, the Fed, which projected a significant drop in unemployment to below 5 percent by 2017 and forecast inflation to run closer to target levels of around 2 percent, gave hints that tightening may be less gradual once underway.
Silver for December is down $0.102 or 0.55 percent at $18.415 an ounce. Meanwhile, copper is down marginally at $3.091 per pound.
On the economic front today, the U.S. Conference Board is due to release its leading economic indicators index for August at 10 am ET. Economists expect the index to increase by 0.4 percent month-over-month in August.
Copyright RTT News/dpa-AFX