WASHINGTON (dpa-AFX) - Gold futures settled lower on Friday, but still recorded a strong gain for the week after posting losses in the previous two weeks.
Gold prices fell despite the dollar's weakness. The dollar index dropped to 108.90 today, retreating from a multi-year high of 109.53 it posted in the previous session.
Gold futures for January closed down $13.90 or about 0.52% at $2,645.00 an ounce. The contract gained a little over 1% in the week, the largest upmove in seven weeks.
Silver futures for January closed higher by $0.184 or about 0.6% at $29.806 an ounce, while Copper futures for January climbed to $4.0395, gaining $0.0510 or about 1.3%.
In U.S. economic news, the Institute for Supply Management released a report showing manufacturing activity contracted at a slower rate in the month of December.
The ISM said its manufacturing PMI inched up to 49.3 in December from 48.4 in November, although a reading below 50 still indicates contraction. Economists had expected the index to come in unchanged.
On the political front, Beijing has reportedly added 28 U.S. entities to its export control list to 'safeguard national security and interests.'
China also proposed export restrictions on some technology used to make battery components and process critical minerals such as lithium and gallium.
On the war front, Israeli airstrikes killed at least 68 Palestinians in Gaza on Thursday, according to reports. Russia launched a drone strike on the Ukrainian capital Kyiv earlier this week, causing damage in at least two districts.
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