Gold futures were edging down in value on Friday, pulled south by the downward tack of the shared currency of the European Union, Reuters reports.
Despite Friday's losses, the precious metal is set to notch its largest rise during a two-week period in eight weeks. Thus far this year, gold futures have gained roughly 5 percent, which follows the precious metal's dive of 10 percent in value during the month of December.
"I'm always a bit suspicious of interpreting too much of price action in the first couple of weeks of a new year. It's not typically very fundamental," analyst Michael Lewis with Deutsche Bank told the news service. "It could well be valuational momentum that is driving these moves rather than anything else."
At 6:42 a.m. on Friday, gold futures slipped 0.35 percent, a $5.80 drop to $1,641.90 per troy ounce.
Bloomberg reports mainland Chinese imports of bullion from Hong Kong during the month of November set a record, which is helping to drive gold traders' pursuit of bullion. Mainland China imported nearly 102.8 metric tons of gold.
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