Gold futures dropped in value on Friday, falling south of the benchmark price of $1,650 per troy ounce as investors cashed in on the recent upward drive of the shared currency of the European Union, Reuters reports.
Nonetheless, The Economic Times reports the yellowish metal is hurtling toward a third consecutive week of gains. For each week of the new year thus far, gold futures have gained in value, a stark contrast to the 10 percent losses the precious metal endured during the month of December.
"There are a lot of reasons still to buy gold, but I think it's fair to say that with risk fatigue setting in, a little bit of price sensitivity coming through, and the dollar likely to show some strength, the gains for gold in the current environment are probably less exciting than they were," analyst David Jollie with Mitsui & Co Precious Metals told Bloomberg.
At 7:26 a.m. on Friday, gold futures dropped 0.51 percent, an $8.40 fall to $1,646.10 per troy ounce.
The value of the 17-nation single currency fell against the U.S. dollar on Friday, slipping from its top rate of the past two weeks, according to Reuters.
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