WASHINGTON (dpa-AFX) - Gold futures settled lower on Friday as dollar climbed up, extending gains from the previous session, as Fed Chair Jerome Powell stressed during his press conference on Wednesday that rates are not on 'any preset course,' and added that the bank will make future decisions 'meeting by meeting.'
After the Federal Reserve lowered its interest rate by 25 basis points on Thursday, Fed Chair Jerome Powell said the bank will evaluate data to adjust the 'pace and destination' of rates.
The dollar's rise was also due to concerns that possible tariff increases in the Trump administration might push up inflation and keep rates higher for longer.
The dollar index surged to 105.21, gaining about 0.6%, before easing slightly to 105.06.
Gold futures for November closed down $10.90 or about 0.4% at $2,687.50 an ounce. Gold futures shed nearly 1.9% in the week.
Silver futures for November settled at $31.359 an ounce, down $406 or about 1.28% from the previous close. Silver futures lost about 3.65% in the week.
Copper futures for November dropped to around $4.2800 per pound, losing $0.1300 or nearly 3%.
In U.S. economic news, preliminary data released by the University of Michigan showed consumer sentiment has improved by more than expected in the month of November.
The University of Michigan said its consumer sentiment index climbed to 73.0 in November from 70.5 in October. Economists had expected the index to inch up to 71.0.
With the bigger than expected increase, the consumer sentiment index reached its highest level since hitting 77.2 in April.
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