WASHINGTON (dpa-AFX) - Gold futures settled lower on Friday, extending losses to a fifth straight session, as the dollar continued to rise amid rate hike bets.
The dollar index surged to 108.22, gaining about 0.7%.
Recent comments from some Fed officials have indicated the central bank will continue to raise interest rates aggressively at its next meeting in September.
Gold futures for December ended lower by $8.30 or about 0.5% at $1,762.9-0 an ounce. Gold futures shed nearly 3% in the week.
Silver futures for September ended down $0.395 at $19.069 an ounce, while Copper futures for September settled at $3.6645 per pound, up $0.0330 from the previous close.
St. Louis Fed president James Bullard said recently that he expects a third straight 75 basis point interest rate hike in September, while San Francisco Fed colleague Mary Daly said that raising rates by 50 or 75 basis points next month would be 'reasonable.'
Kansas City Fed president Esther George argued that the drop in inflation registered in July was not evidence the underlying problem was fixed.
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