Friday saw gold futures edge downward in value as the debt deal finalized in Brussels lost some luster while the U.S. dollar gained in value, according to published reports.
As the afterglow of the 1 trillion euro European Financial Stability Facility waned, the precious metal dropped while the U.S. dollar gained roughly 0.4 percent when compared to six counterpart monetary units, according to Bloomberg.
"We had a really heavy week on the news front with the euro zone and U.S. GDP … the market's trying to work out where gold should be, wondering if this euro zone package has solved the problem," analyst Matthew Turner with Mitsubishi told Retuers. "There's been some euphoria all week, but now some people are saying the details are a bit sketchy. The problem is no one's quite sure what this means for gold. If it is trading like a risk asset then it should go up if skepticism sets in about the euro zone rescue."
At 11:11 a.m. on Friday, gold futures fell 0.15 percent, a $2.70 drop to $1,745 per troy ounce.
Though Friday's performance was on the weaker side, gold is driving toward its strongest weekly performance in two months, according to Reuters.
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